Source: United Kingdom – Prime Minister’s Office 10 Downing Street
Declaration agreed by countries attending the AI Safety Summit 2023 at Bletchley Park, Buckinghamshire.
The Bletchley Declaration on AI Safety announces a new global effort to unlock the enormous benefits offered by AI – by ensuring it remains safe.
Source: Thales Group
Headline: Thales, Amelia and Breakthrough Energy Contrails launch one of world’s largest Contrail Avoidance campaigns
Thales, in partnership with Amelia and Breakthrough Energy Contrails, takes a major step towards more environmentally friendly aviation, by implementing an innovative contrail avoidance solution.
Since June 2024, Thales’ contrail avoidance solution has been deployed on all Paris-Valladolid flights operated by Amelia, using Embraer ERJ145 aircraft. This initiative is part of the DECOR project, supported by France’s 2030 investment plan.
Contrails, the artificial clouds produced by aeroplanes, trap heat from the sun, playing a role similar to that of greenhouse gases and thus significantly contributing to global warming. The impact of contrails can represent a significant part of the total climate footprint of aviation, rivalling even that of CO2.
By integrating its solution with Amelia’s Operational Control Center (OCC) tools, Thales enables OCC operations agents to directly obtain alternative trajectories to their flight plans, combining controlled operational impact and a significant reduction in contrails.
When a significant impact of contrails is detected, the Thales solution, Flights Footprint, suggests flight alternatives that allow for a significant reduction in climate impact, with a minimum average decrease of up to 40% in the total climate impact of the flight. This flight optimization relies solely on adjustments to the aircraft’s altitude, without changing their route, which helps to keep additional fuel consumption to below 3%.
Yannick Assouad, Executive Vice-President, Avionics, Thales said: “Thales’ contrail avoidance solution is a first for France. It is fully aligned with Thales’ strategy aiming to transform the aerospace industry towards a more environmentally-friendly future through technology, for more sustainable and responsible aviation”.
Based on proven scientific principles, this innovative solution utilizes the latest weather forecasts and the most advanced climate models provided by Breakthrough Energy Contrails to optimize the flight plan. At the end of each flight, these climate models, enriched by meteorological reanalysis data, are applied to the actual flight path of the aircraft to assess the effectiveness of avoiding contrail formation areas. Additionally, the installation of a ground camera, supplied by Reuniwatt, enables the solution’s effectiveness to be validated through the direct observation of contrails, thanks to the analyses conducted in partnership with the digital services company SII.
This project has prevented an average of more than 4 tons of CO2 equivalent (CO2eq) per flight, initially affected by contrails. Amelia has decided to extend this system to eligible flights in 2025, becoming the first airline to systematically implement a contrail avoidance approach.
Adrien Chabot, Director of Sustainable Development at Amelia said: “Taking condensation trails into account allows for the analysis of the total climate impact of our operations and thus a better optimization of them. The challenge is to significantly and quickly reduce our impact on climate change by continuing the deployment of the Thales solution initiated in 2022. Today, it is probably one of the most promising approaches in terms of cost/benefit regarding climate impact.”
This solution, accessible and easily deployable, creates new horizons for all airlines, paving the way for more sustainable and responsible aviation on a global scale.
Matteo Mirolo, Head of Strategy at Breakthrough Energy Contrails said: “The impact of contrails on the climate, similar to that of CO2, is one of the major challenges of the ecological transition in aviation. We are delighted to collaborate with Thales to implement large-scale pilot avoidance campaigns, like this one done with Amelia, which are crucial when considering the eventual deployment of systematic avoidance measures.”
1 Cumulative impact of CO2 and non-CO2 effects.
About Thales
Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, Aerospace, and Cyber & Digital.
It develops products and solutions that help make the world safer, greener and more inclusive.
The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.
Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.
About Amelia
A major player in the aviation industry in Europe and Africa since 1976, Amelia is a French aeronautics group that ensures flight operations and the monitoring and maintenance of its aircraft.
Amelia’s fleet, consisting of 18 aircraft, meets the needs of its various activities, chartering on behalf of major international airlines, medical evacuations, and charter flights.
Amelia is a member of IATA since November 2022, endorsing the wider Fly Net Zero commitment to reach net zero emissions by 2050.
Press contact : communication@flyamelia.com
About Breakthrough Energy Contrails
Breakthrough Energy Contrails is a non-profit initiative aimed at transforming contrail research into climate action.
Partnering with academic institutions, airlines, and technology companies, the team develops forecasting and flight planning tools to help airlines avoid high-impact contrail formation.
As part of the Breakthrough Energy platform, the initiative integrates technology, operations, and policy expertise to deliver scalable solutions for a clean aviation future.
For more information, visit contrails.org.
Source: United Kingdom – Government Statements
Business Secretary Jonathan Reynolds spoke at Samsung KX in London on 13 February 2025.
Good morning, and thank you very much for that warm introduction, Alan, and my sincere thanks to the whole team here at Samsung for so generously hosting us, today.
It’s actually quite emotional to be honest, it would have been someone like my grandfather who dug out that coal, sent it down here, and a few generations later I get to be on this stage doing this.
But Samsung is a company synonymous with the best in cutting-edge design and innovation; and much of it is on full display here within these four walls.
It is a fitting venue to discuss this government’s ambition to go further and faster in our growth mission…ensuring that your investments that you outlined here in the UK pay dividends.
Three years ago, I gave my first speech as the then Shadow Business Secretary – and I promised we would be both a pro-business and a pro-worker party…
…A party rooted not just in the experience of working people, but which recognises, above all else, that you cannot rebuild an economy without a flourishing private sector; backed by an unapologetically pro-business government.
I committed to partnering with you in making our offer to the country one you could get behind.
And you gave us the ideas, energy and, in some cases, explicit support that was needed to win a strong majority and an even stronger mandate from the British people. A mandate to deliver our Plan for Change.
Today, I want to reflect on the progress that we have made as a government. I want to talk candidly about what I believe we need to do;
…And I want to provide a clear direction, some reassurance and – I hope – some excitement and optimism about the future.
Now I am extremely proud of the work that my department has done in the first seven months of this Government.
That includes our record-breaking International Investment Summit…where we secured £63bn of inward investment commitments for the UK…
…that was where we published our Industrial Strategy Green Paper…
…and where we launched our Industrial Strategy Council expertly led by Clare Barclay. I’m so glad Clare could join us ahead of the council’s meeting later today.
Building on from the investment summit, at Davos last month, the Chancellor and I sent a clear message to the international community: that the UK is a great place to invest and do business. We have the lowest corporation tax in the G7, uncapped R&D tax credits, and 100% full expensing on capital allowances.
And ahead of our Trade Strategy’s publication, we are leveraging our relationships with Europe, China, India and the Gulf and beyond so businesses can make the UK their base to connect with global markets.
And this is important, because in response to the announcements made by the US this week, I want to reiterate that under this government, the UK will always champion free, fair and open trade. That is what is in our national interest.
And where we have seen the opportunity for an active government to bring business and workers together, my department has always been on the pitch…
…Whether that’s securing a better deal for the workforce at Port Talbot
…engaging on the takeover of Royal Mail…
…Or the renegotiated deal that saw Navantia acquiring Harland and Wolff and protect 1,000 jobs at shipyards across the UK. I will always roll up my sleeves and get involved.
But – being candid – none of this work in itself is sufficient, if it does not lead across the board to improved business confidence, to greater investment, and to higher household income, in every part of the country.
And on that I, and the whole government, recognise the challenge, and we accept it.
In the Budget the government had a responsibility to fix the foundations and restore economic stability.
And while I recognise that the Budget capped corporation tax, extended capital allowances, and raised the employment allowance threshold from this April, I know it asked a great deal of business. I don’t underestimate that for a second.
We will never take that contribution – your contribution – for granted.
You are playing your part in fixing this country, in stabilising the public finances, in investing in our people and helping us rebuild our crumbling infrastructure.
And we know it is imperative that therefore we clear the path for the private sector to thrive… that we deliver the right conditions for growth.
It’s why, on top of the £100 billion of investment unveiled at the Budget, this Government has thrown its full support behind a third runway at Heathrow.
It’s why we’re making the Oxford Cambridge growth corridor a success with the right transport and public services to foster growth.
It’s why through our expanded Office for Investment and the National Wealth Fund we will be supporting transformative investments throughout the country from West Yorkshire to the West Midlands, and Glasgow and Greater Manchester.
The challenges we face as government make all the things we promised to do even more critical.
And I relish that.
And I don’t believe there are easy answers to complex problems.
But I do believe that good policy, good strategies, and good government working hand-in-hand with the private sector, can make a difference.
And I want my constituents to feel, and to be, better off.
And only a pragmatic, business-orientated government can deliver that.
And that to me is what being pro-worker, and pro-business means.
And I believe this national UK Government is able to deliver on this mission because, fundamentally, we can offer what no-one else can:
First of all, political stability – sadly, a rare commodity in many countries these days.
Secondly, openness to the rest of the world – at a time where that is clearly coming under pressure.
And most importantly of all, we are offering a willingness to use our mandate in Parliament to transform the business and investor environment.
And we are using our Industrial Strategy to ensure that our policies are made with business, for business.
As you know, in October last year, we consulted on our Industrial Strategy Green Paper; our blueprint to channel investment and support into our country’s high-growth sectors and high potential places.
In that green paper, we posed a series of questions, and you answered in great detail. You told us that you need access to a high-skilled workforce.
And that is why we have launched Skills England, bringing in flexibilities for the Growth and Skills levy, allowing for shorter apprenticeships and giving employers more control over training.
Meanwhile our Great Britain Working White Paper has already set out detailed plans to support people back into work.
And for key sectors such as AI and life sciences, we’ve committed to looking at visa routes for the most highly skilled, ensuring those routes continue to work for the UK. The upcoming Immigration White Paper will set out plans to make our immigration, skills, and visa systems work better and more coherently.
You told us that planning has become a by-word for inefficiency.
So, we’re making it quicker and simpler for developers to build on brownfield land.
We’re making it much easier to build laboratories, gigafactories, data centres, and digital network grid connections.
And we’re preventing campaigners from repeatedly launching hopeless legal challenges against planning decisions.
You have also told us that access to capital needs drastic improvement.
Here again we’re listening and we’re responding. That is why the Government is creating pension megafunds, unlocking billions of pounds of investment. At the same time, we’re delivering on Lord Hill’s Listing Review to allow the FCA to rewrite the UK’s Prospectus Regime for faster fund-raising.
And, finally, you told us that we need a ‘regulation reset’ in this country.
Day in, day out I hear from business leaders who say to me that regulation and regulators are too cumbersome.
They’re too slow.
They’re too focused on theoretical issues, with little understanding of how businesses and markets actually operate.
And I’ve heard that message loud and clear.
One of our foremost regulators, the Competition and Markets Authority, has recently made great strides in addressing some of these issues.
And today, my department is publishing a consultation on a new Strategic Steer for the CMA to accelerate this work.
This isn’t about meaningless platitudes – about the ‘cutting of red tape.’
It’s about effective consumer protection, competition law and digital market powers so that we create a level-playing field for businesses to compete on. We need to address genuine harm done by those who are not playing by the rules.
Our Strategic Steer asks the CMA to minimise uncertainty for business – by being proactive, transparent, timely, predictable and responsive in its engagement.
And I know, under Sarah Cardell and the new Interim Chair, Doug Gurr, the CMA has already taken significant steps in adopting this approach…in always having growth and investment in mind.
Its extensive work around the merger of Vodafone and Three is a fantastic example of that…as is the CMA’s launch of a Growth and Investment Council to identify opportunities for greater competition.
And there is more to come.
I know Sarah and the CMA have set out their plans to deliver real, meaningful reforms to the merger control processes already today. Its eyes are trained firmly on more direct engagement with businesses. On speeding up its decision-making to deliver more certainty for investors. On adopting a faster, more agile approach to protecting competition.
I fully endorse these measures because this Government believes in effective, independent institutions. In promoting competition and protecting competition – that is fundamental to our growth mission. And with the current CMA team in place, we want to support them every step of the way in the changes they’re making.
I want to see that same level of ambition from our other regulators because right now, I don’t think our regulatory environment is doing enough to drive investor confidence and support growth.
So, I’m taking this first step today but watch this space.
I’m serious about delivering our wider regulatory reform over the coming weeks and months…
…I’m also serious about building the pro-innovation, pro-worker, pro wealth creation economy that we promised at the general election. I know you in the room share that commitment, too.
I’m proud of the reforms that we’ve set out in the Employment Rights Bill – of the opportunities they will afford working class families and working-class communities like the one I grew up in.
I want everyone to benefit from the stronger economy I know we can have.
But I always said, however, that we would work with – and not against – business to deliver these generational reforms.
I said that we would never introduce changes that would make it harder for firms to hire with confidence.
And this is precisely why my department is consulting on many of the key aspects of our Make Work Pay reforms – not least on probationary periods.
I want a statutory probation period that lets businesses get a good sense of how new employees are performing.
And it’s common sense to ensure that there are lighter touch standards for dismissal during those initial months of people starting a job.
I know how important this is for employers. And I get it.
It’s why my department will continue to engage face-to-face with business to develop a sensible, balanced proposal before we go out for formal consultation.
And we will also consult on the length of the statutory probation period, with our preference being 9 months.
We have also made clear that the changes we make to unfair dismissal will come into effect no sooner than the autumn of next year.
I want there to be a buffer – a proper, business readiness period – so employers fully understand the details of our reforms, and can prepare long before they enter into force.
That is the right thing to do – for both employers and employees.
So, let there be no doubt – we are still the party of business.
And we are willing to do the difficult things.
Be that a third runway at Heathrow, a step change at the CMA, or stopping endless court challenges over the job-creating projects this country needs.
We can share our ideas and ambition with each other.
Take the big bets.
Take some risks.
Be the disruptors.
My desire to be your champion in government has never wavered.
And it is as resolute now as ever.
We have to go further and faster in driving growth.
And, friends, together, I know that we will.
Thank you very much.
Published 13 February 2025
Source: GlobeNewswire (MIL-OSI)
VICTORIA, Seychelles, Feb. 13, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Story Protocol (IP) on its platform, with trading available on the spot market and the launch of an exclusive Launchpool rewards campaign.
Spot trading for IP will go live on 13 February 2025, 9:00 (UTC) under the IP/USDT pair, allowing users to trade the token seamlessly. In addition, the Launchpool campaign, starting from 13 February 2025, 12:00 (UTC) to 15 February 2025, 12:00 (UTC), will enable users to lock BGB and earn a share of 554,500 IP in rewards. Users can lock a maximum of 30,000 BGB while adhering to a minimum requirement of 5 BGB. Airdrops for both pools are calculated on an hourly basis, determined by each participant’s locked volume in relation to the total locked volume of the pool. This real-time distribution mechanism ensures fairness and transparency throughout the campaign.
Story is a Layer1 Blockchain that empowers creators by enabling them to register their IP on-chain, ensuring control over their work while streamlining licensing and monetization processes. IP is the native cryptocurrency of Story’s ecosystem. This token is the key to securing the network, processing transactions, and allowing users to participate in governance decisions. With Story, from artists and scientists to businesses and AI developers can fairly and efficiently exchange IP without intermediaries.
Bitget continues to solidify its role as a top-tier cryptocurrency exchange, offering over 800 listed tokens across spot and derivatives markets. The addition of IP to Launchpool highlights Bitget’s ongoing effort to support innovative projects that value and protect creators’ work in the digital future. Launchpool participants can stake specific tokens to unlock early access to IP, showcasing the platform’s commitment to delivering valuable assets and fostering active engagement.
For more details on IP Launchpool, users can visit here.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, users may contact: media@bitget.com
Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
Contact
Simran Alphonso
media@bitget.com
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/104236c4-8b97-45fc-9786-6da4fc56ceda
Source: US State of Hawaii
Posted on Feb 12, 2025 in Latest Department News, Newsroom
STATE OF HAWAIʻI
KA MOKU ʻĀINA O HAWAIʻI
DEPARTMENT OF THE ATTORNEY GENERAL
KA ʻOIHANA O KA LOIO KUHINA
JOSH GREEN, M.D.
GOVERNOR
KE KIAʻĀINA
ANNE LOPEZ
ATTORNEY GENERAL
LOIO KUHINA
DEPARTMENT OF THE ATTORNEY GENERAL HOSTS FIRST EVER ONLINE ASSET FORFEITURE AUCTION
News Release 2025-23
FOR IMMEDIATE RELEASE
February 12, 2025
HONOLULU –The Department of the Attorney General, Civil Recoveries Division’s Asset Forfeiture Program is conducting a live, online auction beginning February 18. It is the first time Hawaiʻi is staging an online auction for this program.
“Prior to the COVID pandemic, we previously held live auctions quarterly at the Blaisdell Center,” said Asset Forfeiture Program Manager Kern Nishioka. “While online auctions are not a new idea, the launch of our auction website is a first for our office.”
The initial selection is primarily cars and trucks. Other items for sale include a commercial fishing boat and trailer, and Morgan silver dollar coins. The department’s Auction Items Preview page has a list of the cars, trucks and SUVs that will be featured in the upcoming live online auction.
The first items will go live on the department’s online auction page starting at 3 p.m. on February 18. Listings will be added as they become available. Auction closure dates will vary between items.
To participate in the online auction, a free eHawaii.gov account is required. Participants must be 18 and over. To register, and for more information on the requirements/restrictions and how to place bids, go to the department’s online auction page as well as the Department of the Attorney General’s Asset Forfeiture Program page.
The proceeds generated from auctions are used to fund law enforcement activities such as training and equipment, as well as to support program expenses.
# # #
Access to the Auction Car Dropbox video album is here – Auction Cars Video
Media contacts:
Dave Day
Special Assistant to the Attorney General
Office: 808-586-1284
Email: [email protected]
Web: http://ag.hawaii.gov
Toni Schwartz
Public Information Officer
Hawai‘i Department of the Attorney General
Office: 808-586-1252
Cell: 808-379-9249
Email: [email protected]
Web: http://ag.hawaii.gov
Source: US State of Connecticut
UConn researchers have identified a novel small molecule for the development of preventative treatment for a serious and costly disease in pigs.
Porcine reproductive and respiratory syndrome virus (PRRSV) costs an estimated $1.2 billion annually in the U.S. In Europe, the estimated yearly loss is €1.5 billion. The virus causes respiratory disease in piglets, and miscarriages or stillbirths in sows.
There is currently no effective vaccine or treatment for PRRSV. Some scientists are working on genetically modified pigs to block viral infection, but this strategy will take decades to have a measurable impact.
Researchers from the College of Agriculture, Health and Natural Resources have identified a small molecule that can successfully disable the virus’ mechanisms for reproducing and evading the host organism’s immune system.
They published these findings in the Journal of Virology. Jiaqi Zhu ‘23 (CAHNR), is the first author on this paper. UConn collaborators include Xiuchun “Cindy” Tian, professor of animal science; Antonio Garmendia, professor of pathobiology and veterinary science; Neha Mishra, associate professor of pathobiology and veterinary science, and Kyle Hadden, professor of pharmaceutical science.
This work is a collaboration between UConn and Northwest A&F University in China, where Young Tang, former UConn associate professor, is currently faculty.
The researchers began this work by using artificial intelligence to screen a bank of small molecules to identify which ones might be good candidates. The algorithm compared the structure of the viral protein the researchers wanted to target against those of the small molecules.
They then narrowed their results down to a single chemical that could inhibit the virus without producing toxic effects.
The researchers targeted a protein called NendoU. This protein is highly conserved, meaning that when the virus mutates, this protein will likely stay the same because it plays such an essential role in the virus’ ability to reproduce.
The researchers found that the number of viral particles in cells treated with the small molecule was more than 1,000 times fewer than the untreated control group.
“Basically, the virus comes into the untreated cell and uses the cell’s machinery to amplify and create more viruses,” Tian says. “So, if you treat the cells with this particular chemical, compared to untreated cells, it’s going to reduce it by 1,000 times in terms of viral number.”
NendoU is also common across other closely related viruses.
“We were thinking this [chemical] could also work on other viruses in this order,” Zhu says. “So, we tested it on another virus called chicken infectious bronchitis virus and it also worked very well.”
COVID-19 belongs to the same viral family as PRRSV. This means that even though PRRSV is not a risk to human health, this research could have applications for human anti-viral drug development.
These findings build on previous work from this group in which, in collaboration with technology enabled pharmaceutical company, Atomwise Inc., they identified a different chemical that disrupts the virus’ ability to enter the host cell.
“By shutting the door for viral entry and inhibiting those that are already in the cells, we could combine these two small molecules in the future, and potentially have a stronger, and synergistic effect on disease control,” says Tian.
The researchers are working with UConn’s Technology Commercialization Services (TCS) to advance the development and commercialization of this technology. Engaging with TCS early on, they protected their intellectual property and developed a strategic commercialization plan. As part of these efforts, TCS facilitated one-on-one meetings with five of the world’s ten largest animal healthcare companies, along with multiple other organizations interested in the technology.
“We have received amazing interest from industry, and the feedback has been extremely helpful, setting up the development path of the technology,” says Ana Fidantsef, industry liaison with TCS. “We hope these interactions will lead to collaborations that will immensely help the swine market and industry.”
This work relates to CAHNR’s Strategic Vision area focused on Ensuring a Vibrant and Sustainable Agricultural Industry and Food Supply.
Follow UConn CAHNR on social media
Source: GlobeNewswire (MIL-OSI)
Sidetrade, the global leader in AI-powered Order-to-Cash applications, and Interpath, the international advisory firm, have announced an alliance relationship that has been designed to accelerate digital transformation efforts, empowering businesses to harness AI from Sidetrade’s dedicated Order-to-Cash Data Lake and adapt more effectively to the demands of a rapidly changing economy.
Interpath is a fast-growing firm that supports clients with advisory and restructuring services and has operations in the UK, France, Ireland, Germany, Austria, Bermuda, Cayman Islands, BVI, and Algeria. The alliance with Sidetrade will support the firm’s continued growth and further enhance its ability to create, defend, preserve, sustain and grow value for its clients through working capital optimization. In turn, Sidetrade will be able to draw on Interpath’s advisory capabilities across a wide range of markets and channels to help more leadership teams transform their Order-to-Cash operations.
Kevin Schafer, AVP Partners Europe, at Sidetrade, commented: “We are excited to join forces with Interpath to extend the reach of Aimie, Sidetrade’s AI assistant, to a wider spectrum of organizations. By combining Interpath’s industry expertise with our advanced technology, we are creating a powerful synergy to help businesses unlocking new efficiencies in optimizing working capital and driving sustainable cash flow growth.”
The new alliance is set to reshape the way businesses tackle working capital challenges. It aims to empower organizations with digitally transformative solutions, delivering tangible results in an increasingly dynamic financial environment.
Sidetrade has consistently been recognized as a leader in the global Order-to-Cash the market, thanks to its powerful AI technology powered by the Sidetrade Data Lake which processes $6.1 trillion in B2B payment transactions real-time daily in Sidetrade’s cloud to provide users with a unique market view. Sidetrade has been positioned as a Gartner® Magic Quadrant™ Leader since 2022. It was also named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment (doc #US51740924, December 2024).
Hope Rosenbaum, Chief Growth Officer, Head of Alliances at Interpath, commented: “Sidetrade offers a world-class Order-to-Cash solution that leverages AI and cloud technology to make a transformational impact, complementing the work we do every day to help clients improve their financial performance and create value. The alliance couldn’t be timelier as businesses look for ways to make their cashflow work for them and find a more sustainable financial future. We look forward to working with Sidetrade as we leverage the technology and harness the expertise that we both hold to make a real difference for businesses we support across our international networks.”
Gartner, Magic Quadrant for Invoice-to-Cash Applications, 6 May 2024, Tamara Shipley Et Al.
Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
Media relations @Sidetrade
Becca Parlby +44 7824 5055 84 bparlby@sidetrade.com
About Sidetrade (www.sidetrade.com)
Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $6.1 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of more than 38 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and working capital across organizations.
Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Engie, Expedia, Inmarsat, KPMG, Lafarge, Manpower, Opentext, Page, Randstad, Saint-Gobain, Securitas, Sodexo, Tech Data, UGI, and Veolia.
Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business.
For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn.
In the event of any discrepancy between the French and English versions of this press release, only the English version is to be taken into account
Attachment
Source: GlobeNewswire (MIL-OSI)
SOMERSET, N.J., Feb. 13, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and generative AI solutions, today announced that it has transferred the funds for the January 2025 dividend payments on its Series A and Series B Cumulative Redeemable Perpetual Preferred Stock.
As previously disclosed, holders of Series A Preferred Stock will receive 22.917 cents per share, while holders of Series B Preferred Stock will receive 18.229 cents per share based on a record date of January 31, 2025. These payments are expected to be reflected in shareholders’ brokerage accounts between February 18 and February 20, 2025.
“We appreciate the continued support of our shareholders and remain focused on maintaining financial stability,” said Norman Roth, Interim Chief Financial Officer of CareCloud. “The timely payment of these dividends reflects our commitment to responsible fiscal management and ongoing progress in strengthening our financial position.”
Dividend details:
Dividends for both Series A and Series B Preferred Stock are cumulative and payable monthly, in arrears, on the 15th of each month or the next business day if the 15th of the month is a bank holiday or weekend. In February, President’s Day is observed on Monday the 17th, therefore the first business day after February 15th is February 18th.
Shareholders who do not see their dividend payment in their brokerage account by the end of next week are encouraged to contact their broker for assistance. For further inquiries, the CareCloud Investor Relations team can be reached at ir@carecloud.com.
About CareCloud
CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.
Follow CareCloud on LinkedIn, X and Facebook.
Forward-Looking Statements
This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.
Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.
These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.
The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE CareCloud
Company Contact:
Norman Roth
Interim Chief Financial Officer and Corporate Controller
CareCloud, Inc.
nroth@carecloud.com
Investor Contact:
Stephen Snyder
Co-Chief Executive Officer
CareCloud, Inc.
ir@carecloud.com
Source: GlobeNewswire (MIL-OSI)
(All amounts in release are in Canadian dollars)
OTTAWA, Ontario, Feb. 13, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a diverse products and services company providing innovative healthcare, communications, learning and cybersecurity solutions, today released its results for the first quarter ended December 31, 2024.
Q1-25 Highlights:
| Financial Highlights | Three months ended | |||||
| (in millions of $, except per share & margins) | December 31, | |||||
| 2024 | 20232 | % | ||||
| Revenue | 185.0 | 179.2 | 3 | % | ||
| Adjusted EBITDA1 | 17.8 | 21.4 | (17) | % | ||
| Adjusted EBITDA %1 | 9.6 | % | 11.9 | % | (230)bps | |
| Adjusted Net Profit1 | 10.5 | 14.0 | (25) | % | ||
| Adjusted EPS Diluted1 | 0.88 | 1.17 | (25) | % | ||
| Operating Free Cash Flow1 | 13.1 | 17.2 | (24) | % | ||
1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of this press release.
2 Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected consolidated financial information section of the management discussion and analysis.
Access the full report on the Calian Financials web page.
Register for the conference call on Thursday, February 13, 2025, 8:30 a.m. Eastern Time.
“We closed the quarter as expected and are seeing positive momentum across our diverse end markets, while continuing to benefit from the strong contributions of our recent acquisitions in UK, the U.S. and Canada,” said Kevin Ford, Calian CEO. “The accelerating global demand for defence solutions positions Calian’s expanding footprint to play a critical role in the years ahead. Additionally, discussions among Canadian leaders about increasing military investment and accelerating initiatives are a welcome development. We remain on track to deliver another record year and are making progress against our long-term objectives.”
First Quarter Results
Revenues increased 3%, from $179 million to $185 million, representing the highest first quarter revenue on record. Acquisitive growth was 8% and was generated by the acquisitions of Decisive Group, the nuclear assets from MDA Ltd and Mabway. Organic growth was down 5%, as growth generated in global Defence was offset by declines in the pace of domestic Defence training and delays in large projects in its Space and IT infrastructure markets.
Gross margin stood at 31.8% and represents the 11th quarter above the 30% mark. Adjusted EBITDA1 stood at $18 million, down 17% from $21 million last year, primarily impacted by revenue mix and increased investments in our sales and delivery capacity. As a result, adjusted EBITDA1 margin decreased to 9.6%, from 11.9% last year.
Net profit stood at $(1) million, or $(0.08) per diluted share, down from $6 million, or $0.46 per diluted share last year. This decrease in profitability is primarily due to increases in accounting charges related to amortization and deemed compensation expenses from acquisitions as well as increased operating expenses, which was offset by higher gross profit. Adjusted net profit1 was $10 million, or $0.88 per diluted share, down from $14 million, or $1.17 per diluted share last year.
Liquidity and Capital Resources
“In the first quarter we generated $13 million in operating free cash flow1, representing a 73% conversion rate from adjusted EBITDA1,” said Patrick Houston, Calian CFO. “We used our cash and a portion of our credit facility to pay contingent earn out liabilities for $11 million and make capital expenditure investments for $1 million. We also provided a return to shareholders in the form of dividends for $3 million and share buybacks for $5 million. We ended the quarter with a net debt to adjusted EBITDA1 ratio of 0.6x, well-positioned to pursue our growth objectives,” concluded Mr. Houston.
Normal Course Issuer Bid
In the three-month period ended December 31, 2024, the Company repurchased 101,350 shares for cancellation in consideration of $4.9 million.
Announced U.S. Subsidiary to Focus on U.S. Government and Defence
On December 4, 2024, Calian announced the launch of an independent U.S.-focused subsidiary, Calian US, Inc. It is committed to securing U.S. government contracts by ensuring full compliance with all relevant regulations. To facilitate this, Calian US will be established as an independent subsidiary and will pursue the necessary certifications to operate effectively within the U.S. market.
Quarterly Dividend
On February 12, 2025, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable March 12, 2025, to shareholders of record as of February 26, 2025. Dividends paid by the Company are considered “eligible dividend” for tax purposes.
Guidance Reiterated
The table below presents the FY25 guidance based on the new definition of adjusted EBITDA.
| Guidance for the year ended September 30, 2025 | FY24 Results | YOY Growth at Midpoint | ||||||||
| (in thousands of $) | Low | Midpoint | High | |||||||
| Revenue | 800,000 | 840,000 | 880,000 | 746,611 | 12 | % | ||||
| Adj. EBITDA1 | 96,000 | 101,000 | 106,000 | 92,159 | 10 | % | ||||
This guidance includes the full-year contribution from the Decisive Group acquisition, closed on December 1, 2023, the nuclear asset acquisition from MDA Ltd., closed on March 5, 2024 and the Mabway acquisition, closed on May 9, 2024. It does not include any other further acquisitions that may close within the fiscal year. The guidance reflects another record year for the Company and positions it well to achieve its long-term growth targets.
At the midpoint of the range, this guidance reflects revenue and adjusted EBITDA1 growth of 12% and 10%, respectively, and an adjusted EBITDA1 margin of 12.0%. It would represent the 8th consecutive year of double-digit revenue growth and record revenue and adjusted EBITDA1 levels.
About Calian
We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.
Product or service names mentioned herein may be the trademarks of their respective owners.
Media inquiries:
media@calian.com
613-599-8600
Investor Relations inquiries:
ir@calian.com
—————————————————————————–
DISCLAIMER
Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com
| CALIAN GROUP LTD. | |||||||
| UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||
| As at December 31, 2024 and September 30, 2024 | |||||||
| (Canadian dollars in thousands, except per share data) | |||||||
| December 31, | September 30, | ||||||
| 2024 | 2024 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS | |||||||
| Cash and cash equivalents | $ | 61,040 | $ | 51,788 | |||
| Accounts receivable | 157,542 | 157,376 | |||||
| Work in process | 20,205 | 20,437 | |||||
| Inventory | 29,442 | 23,199 | |||||
| Prepaid expenses | 23,805 | 23,978 | |||||
| Derivative assets | 31 | 32 | |||||
| Total current assets | 292,065 | 276,810 | |||||
| NON-CURRENT ASSETS | |||||||
| Property, plant and equipment | 41,234 | 40,962 | |||||
| Right of use assets | 41,746 | 36,383 | |||||
| Prepaid expenses | 7,157 | 7,820 | |||||
| Deferred tax asset | 3,376 | 3,425 | |||||
| Investments | 3,875 | 3,875 | |||||
| Acquired intangible assets | 123,297 | 128,253 | |||||
| Goodwill | 213,925 | 210,392 | |||||
| Total non-current assets | 434,610 | 431,110 | |||||
| TOTAL ASSETS | $ | 726,675 | $ | 707,920 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| CURRENT LIABILITIES | |||||||
| Accounts payable and accrued liabilities | $ | 123,945 | $ | 124,884 | |||
| Provisions | 2,454 | 3,075 | |||||
| Unearned contract revenue | 40,263 | 41,723 | |||||
| Lease obligations | 5,556 | 5,645 | |||||
| Contingent earn-out | 29,709 | 39,136 | |||||
| Derivative liabilities | 169 | 92 | |||||
| Total current liabilities | 202,096 | 214,555 | |||||
| NON-CURRENT LIABILITIES | |||||||
| Debt facility | 115,750 | 89,750 | |||||
| Lease obligations | 39,425 | 33,798 | |||||
| Unearned contract revenue | 17,256 | 14,503 | |||||
| Contingent earn-out | 2,773 | 2,697 | |||||
| Deferred tax liabilities | 23,738 | 25,862 | |||||
| Total non-current liabilities | 198,942 | 166,610 | |||||
| TOTAL LIABILITIES | 401,038 | 381,165 | |||||
| SHAREHOLDERS’ EQUITY | |||||||
| Issued capital | 227,561 | 225,747 | |||||
| Contributed surplus | 4,555 | 6,019 | |||||
| Retained earnings | 84,038 | 91,268 | |||||
| Accumulated other comprehensive income (loss) | 9,483 | 3,721 | |||||
| TOTAL SHAREHOLDERS’ EQUITY | 325,637 | 326,755 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 726,675 | $ | 707,920 | |||
| Number of common shares issued and outstanding | 11,765,055 | 11,802,364 | |||||
| CALIAN GROUP LTD. | |||||||
| UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET PROFIT | |||||||
| For the three months ended December 31, 2024 and 2023 | |||||||
| (Canadian dollars in thousands, except per share data) | |||||||
| Three months ended | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| Revenue | $ | 185,047 | $ | 179,179 | |||
| Cost of revenues | 126,246 | 120,961 | |||||
| Gross profit | 58,801 | 58,218 | |||||
| Selling, general and administrative | 38,105 | 34,145 | |||||
| Research and development | 2,896 | 2,719 | |||||
| Share based compensation | 1,091 | 1,190 | |||||
| Profit before under noted items | 16,709 | 20,164 | |||||
| Restructuring expense | 692 | — | |||||
| Depreciation and amortization | 11,540 | 9,006 | |||||
| Mergers and acquisition costs | 2,320 | 1,980 | |||||
| Profit before interest income and income tax expense | 2,157 | 9,178 | |||||
| Interest expense | 1,783 | 1,547 | |||||
| Income tax expense | 1,350 | 2,106 | |||||
| NET PROFIT (LOSS) | $ | (976) | $ | 5,525 | |||
| Net profit (loss) per share: | |||||||
| Basic | $ | (0.08) | $ | 0.47 | |||
| Diluted | $ | (0.08) | $ | 0.46 | |||
| CALIAN GROUP LTD. | |||||||
| UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| For the three months ended December 31, 2024 and 2023 | |||||||
| (Canadian dollars in thousands) | |||||||
| Three months ended | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| CASH FLOWS GENERATED FROM (USED IN) OPERATING ACTIVITIES | |||||||
| Net profit | $ | (976 | ) | $ | 5,525 | ||
| Items not affecting cash: | |||||||
| Interest expense | 1,295 | 1,098 | |||||
| Changes in fair value related to contingent earn-out | 558 | 726 | |||||
| Lease obligations interest expense | 488 | 449 | |||||
| Income tax expense | 1,350 | 2,106 | |||||
| Employee share purchase plan expense | 174 | 162 | |||||
| Share based compensation expense | 917 | 1,013 | |||||
| Depreciation and amortization | 11,540 | 9,006 | |||||
| Deemed compensation | 1,563 | 604 | |||||
| 16,909 | 20,689 | ||||||
| Change in non-cash working capital | |||||||
| Accounts receivable | (167 | ) | (11,189 | ) | |||
| Work in process | 232 | (898 | ) | ||||
| Prepaid expenses and other | (2,739 | ) | (74 | ) | |||
| Inventory | (6,241 | ) | (2,590 | ) | |||
| Accounts payable and accrued liabilities | (858 | ) | 15,516 | ||||
| Unearned contract revenue | 1,294 | 206 | |||||
| 8,430 | 21,660 | ||||||
| Interest paid | (1,783 | ) | (1,547 | ) | |||
| Income tax paid | (2,265 | ) | (2,575 | ) | |||
| 4,382 | 17,538 | ||||||
| CASH FLOWS GENERATED FROM (USED IN) FINANCING ACTIVITIES | |||||||
| Issuance of common shares net of costs | 881 | 694 | |||||
| Dividends | (3,292 | ) | (3,314 | ) | |||
| Draw on debt facility | 26,000 | 56,000 | |||||
| Payment of lease obligations | (1,442 | ) | (1,171 | ) | |||
| Repurchase of common shares | (4,926 | ) | (1,357 | ) | |||
| 17,221 | 50,852 | ||||||
| CASH FLOWS USED IN INVESTING ACTIVITIES | |||||||
| Business acquisitions | (11,215 | ) | (47,457 | ) | |||
| Property, plant and equipment | (1,136 | ) | (2,400 | ) | |||
| (12,351 | ) | (49,857 | ) | ||||
| NET CASH INFLOW (OUTFLOW) | $ | 9,252 | $ | 18,533 | |||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 51,788 | 33,734 | |||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 61,040 | $ | 52,267 | |||
Reconciliation of Non-GAAP Measures to Most Comparable IFRS Measures
These non-GAAP measures are mainly derived from the consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. The exclusion of certain items from non-GAAP performance measures does not imply that these are necessarily nonrecurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure. Other entities may define the above measures differently than we do. In those cases, it may be difficult to use similarly named non-GAAP measures of other entities to compare performance of those entities to the Company’s performance.
Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of the Company’s financial reports with enhanced understanding of the Company’s results and related trends and increases transparency and clarity into the core results of the business. Adjusted EBITDA excludes items that do not reflect, in our opinion, the Company’s core performance and helps users of our MD&A to better analyze our results, enabling comparability of our results from one period to another.
Adjusted EBITDA
| Three months ended | |||||||
| December 31, | |||||||
| 2024 | 20231 | ||||||
| Net profit | $ | (976 | ) | $ | 5,525 | ||
| Share based compensation | 1,091 | 1,190 | |||||
| Restructuring expense | 692 | — | |||||
| Depreciation and amortization | 11,540 | 9,006 | |||||
| Mergers and acquisition costs | 2,320 | 1,980 | |||||
| Interest expense | 1,783 | 1,547 | |||||
| Income tax | 1,350 | 2,106 | |||||
| Adjusted EBITDA | $ | 17,800 | $ | 21,354 | |||
Adjusted Net Profit and Adjusted EPS
| Three months ended | |||||||
| December 31, | |||||||
| 2024 | 20231 | ||||||
| Net profit | $ | (976 | ) | $ | 5,525 | ||
| Share based compensation | 1,091 | 1,190 | |||||
| Restructuring expense | 692 | — | |||||
| Mergers and acquisition costs | 2,320 | 1,980 | |||||
| Amortization of intangibles | 7,334 | 5,325 | |||||
| Adjusted net profit | 10,461 | 14,020 | |||||
| Weighted average number of common shares basic | 11,773,465 | 11,812,574 | |||||
| Adjusted EPS Basic | 0.89 | 1.19 | |||||
| Adjusted EPS Diluted | $ | 0.88 | $ | 1.17 | |||
Operating Free Cash Flow
| Three months ended | |||||||
| December 31, | |||||||
| 2024 | 20231 | ||||||
| Cash flows generated from operating activities (free cash flow) | $ | 4,382 | $ | 17,538 | |||
| Adjustments: | |||||||
| M&A costs included in operating activities | 199 | 650 | |||||
| Change in non-cash working capital | 8,479 | (971) | |||||
| Operating free cash flow | $ | 13,060 | $ | 17,217 | |||
| Operating free cash flow per share – basic | 1.11 | 1.46 | |||||
| Operating free cash flow per share – diluted | 1.10 | 1.44 | |||||
| Operating free cash flow conversion | 73 | % | 81 | % | |||
Net Debt to Adjusted EBITDA
| December 31, | September 30, | ||||||
| 2024 | 20231 | ||||||
| Cash | $ | 61,040 | $ | 52,267 | |||
| Debt facility | 115,750 | 93,750 | |||||
| Net debt (net cash) | 54,710 | 41,483 | |||||
| Trailing twelve month adjusted EBITDA | 88,602 | 65,987 | |||||
| Net debt to adjusted EBITDA | 0.6 | 0.6 | |||||
Operating free cash flow measures the company’s cash profitability after required capital spending when excluding working capital changes. The Company’s ability to convert adjusted EBITDA to operating free cash flow is critical for the long term success of its strategic growth. These measurements better align the reporting of our results and improve comparability against our peers. We believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Non-GAAP measures should not be considered a substitute for or be considered in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-GAAP measures and view them in conjunction with the most comparable IFRS financial measures. The Company has reconciled adjusted profit to the most comparable IFRS financial measure as shown above.
Source: Government of India (2)
Posted On: 13 FEB 2025 5:12PM by PIB Delhi
“Our commitment to quality education is yielding encouraging results. We will continue to support our educational institutions and provide opportunities for growth and innovation. This will help our youth greatly.”
~ Prime Minister Shri Narendra Modi
Education in India is deeply embedded in its ancient philosophical tradition, where Vidya was seen not merely as the accumulation of knowledge but as the means for holistic self-empowerment. In the ancient Indian texts, it is said that “The wealth of knowledge is indeed the supreme among all forms of wealth.” Over the years, India has strived to nurture and pass on this invaluable wealth of knowledge to its youth. Notably, in the last decade, India has seen an impressive 318% increase in its representation in global rankings—the highest growth among the G20 nations. Highlighting the positive leap in Higher Education.
India’s Universities Expansion and Student Flow
On 10th February, NITI Aayog released the report ‘Expanding Quality Higher Education through States and State Public Universities’. This report focuses on State Public Universities (SPUs), which have been key in making education more accessible, especially in remote areas. Currently, SPUs serve over 3.25 crore students. With the National Education Policy (NEP) 2020 aiming to double enrollment by 2035, SPUs will continue to educate the majority of students.
Evolution and Expansion of Country’s Education System
At the time of India’s independence in 1947, the country’s education system was fraught with challenges. India had only 17 universities and 636 colleges serving about 2.38 lakh students. The literacy rate was alarmingly low at 14%. Now, we have 495 State Public Universities and their more than 46,000 affiliated institutions that truly play a crucial role. These universities account for 81% of total student enrollment, making higher education accessible across India.
Rise of India’s Higher Education Ecosystem
Since the establishment of the earliest universities in Calcutta, Bombay and Madras in 1857, India’s higher education ecosystem has expanded significantly. In 1950-51, the country had just 30 universities and 578 colleges. However, according to the AISHE Report 2021-2022, the landscape has transformed, with 1,168 universities, 45,473 colleges and 12,002 stand-alone institutions now in existence. Over the last two decades the number of colleges alone has more
than quadrupled, highlighting a remarkable growth in the sector.
Significant Growth in GER
Between 1950-51 and 2021-22, India’s Gross Enrollment Ratio (GER) grew by a remarkable 71 times showcasing significant progress in increasing student enrollments over the decades. The GER figures reflect this growth, with 0.4 in 1950-51 and reaching 28.4 in 2021-22. This impressive progress aligns with the goals set by the National Education Policy (NEP) 2020, which aims to achieve a GER of 50% by 2035.
Have a look to enrollment trends across categories:
The national GPI (Gender Parity Index) for 2021-22 was 1.01 compared to 0.87 in 2011-12, indicating a 16% increase towards gender equality over a decade.
Teachers Across Academic Positions at All-India Level
India has approximately 16 lakh teachers in HEIs, with the majority (68%) being Lecturers/Assistant Professors. Readers/Associate Professors represent around 10% of the total faculty, followed by Professors & equivalent at 9.5%, Demonstrators/Tutors at 6%, Temporary Teachers at 5.7%, and Visiting Teachers at 0.8%. The number of Professors has marginally increased over the years.
India’s Global Research Contribution
India’s contribution to global research publications has also seen a significant rise, increasing from 3.5% in 2017 to 5.2% in 2024. This growth is reflected in the NIRF 2024 rankings, where the Indian Institutes of Technology (IITs) lead in research output, contributing over 24% of total publications through 16 institutions. Private Deemed Universities closely follow, accounting for about 23.5% of the total publications with 22 institutions showing improvement in their research output.
India also made a strong investment in its higher education sector, dedicating 1.57% of its Gross Domestic Product (GDP) to tertiary education in 2021, surpassing many European nations and coming close to the US and the UK. This continued investment supports the expansion and strengthening of India’s education ecosystem, ensuring progress in both research and access to quality education.
Conclusion
India’s higher education sector has seen impressive growth, with significant increases in enrollment, expanded State Public Universities (SPUs), and improved representation of disadvantaged groups. The country has made strides in gender parity, faculty development, and global research contributions. With the National Education Policy (NEP) 2020, India aims for a GER of 50% by 2035, focusing on further strengthening education infrastructure, faculty, and research to ensure equitable access to quality education.
Reference
https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/jun/doc202467340601.pdf
https://x.com/narendramodi/status/1806249732043628945
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Santosh Kumar/ Sarla Meena/ Kamna Lakaria
(Release ID: 2102789) Visitor Counter : 28
Source: Government of India (2)
Posted On: 13 FEB 2025 3:56PM by PIB Delhi
The India Meteorological Department (IMD) has been actively working for the development and implementation of a national framework for climate services (NFCS) to strengthen climate change adaptation by integrating weather and climate services with sectoral policies and programs. The NFCS aims to support decision-making in critical sectors such as agriculture, water resources, health, and disaster management. Some examples of the sector-specific weather and climate services are:
In October 2023, Climate Research & Services (CRS), IMD, Pune, organized a stakeholder consultation workshop on the NFCS-India at Pune. In collaboration with key ministries, the IMD continues to expand sector-specific climate services to ensure a science-based, policy-driven, and impact-oriented approach to climate resilience.
The Ministry continuously enhances and upgrades meteorological observations, communications, modeling tools, and forecasting systems. The IMD uses the latest tools and technologies to predict severe weather events. This includes sophisticated dynamical numerical weather prediction models at higher spatial and temporal resolution, multi-model ensemble methods, artificial intelligence, and machine learning (AI/ML) & data science methodologies, complemented with improved ground-based & upper air observations and advanced remote sensing network for real-time monitoring and predictions. IMD uses the latest dissemination tools, including Common Alert Protocol (CAP), mobile apps, websites, APIs, and other social media platforms, to provide efficient, effective, and timely early warning services. IMD is constantly working to improve and adapt to the latest technologies.
The Ministry is making continuous efforts to make advancements in cyclone prediction systems to minimize the impact of cyclones in the country. The India Meteorological Department has demonstrated its capability to provide high-precision early warning for cyclones in recent years. The IMD provides heatwave forecasts and warning information to stakeholders, including ministries of the Union Government, State Governments, and local Government bodies. The IMD issues various outlooks/forecasts/warnings for the public and disaster management authorities to prepare for extreme weather events, including cyclones, heat waves, etc. While issuing the alert, a suitable color code is used to highlight the impact of the severe weather expected and signal disaster management about the course of action to be taken regarding an impending disaster weather event.
The Government of India recognizes that weather and climate extremes disproportionately affect vulnerable populations, including the poor, women, children, and marginalized communities. Multiple initiatives focusing on adaptation, resilience-building, social protection, and inclusive policies have been implemented to address these challenges. Some of the work related to the Ministry of Earth Sciences in collaboration with other ministries are:
Apart from this, initiatives from the other ministries of the Government of India include:
This information was given by Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences, Dr. Jitendra Singh in a written reply in the Rajya Sabha today.
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NKR/PSM
(RS US Q NO. 1000)
(Release ID: 2102746) Visitor Counter : 51
Source: Government of India (2)
Posted On: 13 FEB 2025 3:54PM by PIB Delhi
The Ministry of Earth Sciences (MoES) explores integrating Artificial Intelligence (AI) technologies into weather forecasting systems in addition to physics-based numerical models. This initiative is part of a broader strategy to enhance the accuracy and efficiency of meteorological predictions, which are crucial for various sectors, including agriculture, disaster management, and urban planning. The key initiatives, future plans, and innovative projects are as follows:
Collaborative Research Across Institutes: Institutions under MoES are actively working to incorporate AI/Machine Learning (ML) methodologies into their research activities and operational frameworks. This collaborative approach ensures a comprehensive application of AI technologies across Earth Sciences.
Achievements and outcomes of AI and ML in the research and development of weather prediction are provided below:
The Ministry has established a dedicated virtual center on AI/ML/Deep Learning (DL) at the Indian Institute of Tropical Meteorology (IITM) in Pune. This center focuses on leveraging AI, ML, and DL techniques for advancements in Earth Sciences. It has already developed several AI/ML-based applications tailored for localized predictions and the analysis of weather and climate patterns.
This information was given by Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences, Dr. Jitendra Singh in a written reply in the Rajya Sabha today.
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NKR/PSM
(RS US Q NO. 996)
(Release ID: 2102745) Visitor Counter : 49
Source: Government of India
Posted On: 13 FEB 2025 5:30PM by PIB Delhi
Union Minister of State for Health and Family Welfare, Shri Prataprao Ganpatrao Jadhav inaugurated the National Stakeholder Consultation on Challenges in Monitoring Pesticide Residues in Food Commodities organized by Food Safety and Standards Authority of India (FSSAI), Ministry of Health & Family Welfare, here today. Emphasizing the need for a nationwide strategy for stricter monitoring of pesticide residues in food, Shri Jadhav urged all stakeholders to work collectively in promoting best practices for food safety and sustainability.
This stakeholder consultation on pesticides is first in the series of such consultations with stakeholders on emerging issues like sustainable packaging, nutraceuticals, antimicrobial resistance etc. Addressing stakeholders, the Union Minister appreciated the initiative of FSSAI and stressed on the need to review existing practices in pesticide monitoring and to create a robust mechanism to address the challenges of pesticide residue. He also emphasized the importance of agriculture in sustaining millions of livelihoods and ensuring food security. Shri Jadhav added that today’s farmers are more adaptive towards use of new technology so it is easier to educate them on use of pesticides and about Good Agricultural Practices (GAPs). He also advocated for collaborative efforts from all the stakeholders to devise a concrete action plan to minimize pesticide residues in food commodities.
Shri Jadhav also stated that the consultation would prove instrumental in identification of gaps, which can then be focused and deliberated upon to develop a robust mechanism of food safety and make food commodities free of pesticide residue. He also commended FSSAI’s efforts in strengthening food safety frameworks.
Union Health Secretary, Ms. Punya Salila Srivastava, shared her valuable insights on the issue, emphasizing that the indiscriminate use of pesticides poses significant risks to public health. She stressed the importance of strengthening monitoring systems and raising public awareness about pesticide use, ensuring that every person has access to safe food. She advocated for the development of actionable strategies aimed at protecting public health, underscoring that the primary goal of this consultation is to ensure that everyone can enjoy safe and healthy food.
Shri Devesh Chaturvedi, Secretary, Ministry of Agriculture and Farmers’ Welfare delivered a special address wherein he highlighted the issue of spurious pesticide in the market and also advocated judicious use of pesticides to protect consumer health.
Shri Subrata Gupta, Secretary, Ministry of Food Processing Industries emphasized the need for all stakeholders in the food value chain to collaborate to address challenges related to pesticides. “Pesticides causes not only bad health but also bad commerce.”
Shri G Kamala Vardhana Rao, CEO, FSSAI in his concluding remarks reiterated the FSSAI’s commitment to ensuring food safety through stringent monitoring and regulatory measures. He concluded that “By ensuring the safety of food, we protect not only public health but also our environment, the livelihoods of our farmers, and the future of international trade. The outcomes of this consultation will form the foundation for more effective policies and regulations that reflect the complexities of today’s agricultural and food safety landscape” He added that the insights and recommendations from this consultation will contribute to the development of more robust policies and action plans for improving pesticide residue monitoring and ensuring food safety across India.
The National Stakeholder Consultation on Pesticide Residues marks a crucial step in strengthening food safety by addressing challenges in monitoring pesticide use and ensuring regulatory compliance. Recognizing the need for a coordinated approach, FSSAI convened this consultation to enhance surveillance, enforce safety standards, and mitigate health risks associated with chemical residues in food. By bringing together key stakeholders, the consultation fosters collaboration on best practices, emerging risks, and innovative solutions like bio-pesticides and precision application. As India aligns with global safety standards, this discussion is pivotal in safeguarding public health and promoting sustainable agriculture.
The event brought together key stakeholders, including government officials, scientific experts, regulatory bodies, National Institutes, representatives from Industry Association, farmer organizations, consumer associations & pesticide manufacturer associations to deliberate on strategies and exchange valuable insights, which will help to devise concrete action plans.
The consultation featured a technical session followed by a panel discussion on “Global Regulatory Frameworks and National-Level Challenges in Monitoring Pesticide Residues in Food Commodities. The panel featured experts from the Joint FAO/WHO Meeting on Pesticide Residues (JMPR), FAO, ICAR, CIB&RC, and FSSAI’s Scientific Panel on Pesticide Residues.
Key discussions focused on emphasizing the importance of expanding national surveillance programs, enhancing laboratory capacities, discussions on aligning India’s Maximum Residue Limits (MRLs) with international standards like Codex Alimentarius while considering India’s unique agricultural and environmental conditions.
The post-lunch session featured an open forum stakeholder interaction involving stakeholders from agriculture, food processing, and consumer organizations to voice their concerns and recommendations. Key issues raised during the consultation included the challenges in implementing effective pesticide residue monitoring, the need for harmonizing India’s Maximum Residue Limits (MRLs) with international standards, and concerns over off-label and excessive pesticide use. There was also a strong emphasis on enhancing farmer education and awareness, introducing digital traceability solutions, and promoting sustainable alternatives such as bio-pesticides and Integrated Pest Management (IPM) to minimize health risks and trade barrier.
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MV
HFW/FSSAI National Stakeholder Consultation/13Feb2025/1
(Release ID: 2102807) Visitor Counter : 50
Source: Government of India
Posted On: 13 FEB 2025 3:31PM by PIB Delhi
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“In Cancer Care, collaboration is essential for cure. An integrated approach encompassing prevention, screening, diagnosis, and treatment is essential to reduce the burden of cancer.”
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Introduction
Cancer is one of the leading causes of death worldwide. In 2022, about 20 million new cancer cases were reported, and 9.7 million people died from the disease globally. Cancer also remains a critical public health challenge in India, with cases projected to rise significantly. In India, around 100 out of every 1 lakh people are diagnosed with cancer. According to the Indian Council of Medical Research (ICMR), the estimated number of incidences of cancer cases was more than 14 lakhs in 2023 in India.
The National Cancer Registry Programme (NCRP) under ICMR has been tracking cancer incidence, burden, and trends since 1982, playing a vital role in gathering and analyzing data, enabling evidence-based policy decisions. The National Institute of Cancer Prevention & Research (NICPR) is the nodal agency research and screening guidelines under NPCDCS.
The Government of India has introduced robust policies, strategic interventions, and financial assistance schemes to enhance prevention, early detection, treatment, and patient care nationwide. This article outlines cancer prevalence, government efforts, financial aid, research, and budget commitments to strengthen cancer care in India.
Union Budget 2025-26: Prioritizing Cancer Care
The Ministry of Health and Family Welfare has been allocated a total of Rs.99,858.56 crore, with Rs. 95,957.87 crore designated for the Department of Health and Family Welfare and Rs. 3,900.69 crore for the Department of Health Research.
The Union Budget 2025-26 underscores the Government of India’s dedication to enhancing cancer care through several key initiatives:
Holistic Cancer Control: A Policy-Driven Approach
1. National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS) – The NPCDCS is a flagship initiative under the National Health Mission (NHM) focuses on controlling non-communicable diseases (NCDs), including cancer. Three most common types of cancers (oral cancer, breast cancer and cervical cancer) are an integral part of NPCDCS. It is aimed at strengthening cancer control efforts, focusing on health promotion, early detection, and treatment infrastructure for cancer.
Components
Under this program, the government has established
These facilities provide accessible and affordable cancer screenings, particularly for oral, breast, and cervical cancers.
2. Strengthening of Tertiary Care for Cancer Scheme
It enhances specialized cancer care facilities with aims to decentralize cancer treatment, making services more accessible across states.
Tertiary Cancer Care Network Strengthening
The National Cancer Institute (NCI) in Jhajjar, Haryana, and the second campus of Chittaranjan National Cancer Institute (CNCI) in Kolkata are playing a pivotal role in providing cutting-edge cancer treatment and research opportunities.
3. Ayushman Bharat Yojana – Launched in 2018, Ayushman Bharat is a landmark health initiative designed to provide universal health coverage, particularly for rural and vulnerable populations. The scheme plays an important role in ensuring timely treatment of cancer patients within 30 days. The scheme covers chemotherapy, radiotherapy, and surgical oncology for cancer treatment for economically vulnerable families. Till 2024, over 90% of registered cancer patients have commenced treatment under this scheme, reducing out-of-pocket expenses and ensuring financial protection for millions.
4. The Health Minister’s Cancer Patient Fund (HMCPF): The Health Minister’s Cancer Patient Fund under Rashtriya Arogya Nidhi (RAN) provides financial aid up to ₹5 lakh for cancer treatment to patients below the poverty line. The maximum financial assistance admissible under the Scheme will be ₹15 Lakh. It covers treatment at 27 Regional Cancer Centres (RCCs), with ₹50 lakh revolving funds allocated to each center. Established in 2009, the scheme ensures accessible and affordable cancer care for underprivileged patients.
5. National Cancer Grid (NCG): The National Cancer Grid (NCG) was established in 2012 to ensure high-quality, standardized cancer care across India. Eight years later, it has grown into the world’s largest cancer network with 287 members, comprising cancer centres, research institutes, patient advocacy groups, charitable organizations and professional societies. Between the member organizations of the NCG, the network treats over 750,000 new patients with cancer annually, which is over 60% of all of India’s cancer burden. The NCG also works closely with Ayushman Bharat – PMJAY to provide affordable, evidence-based cancer treatment and streamline costs under the scheme. It has also played a key role in shaping the National Digital Health Mission (NDHM) by contributing to the development of electronic patient health records.
Advancing Cancer Research and Treatment
1. India’s First Indigenous CAR-T Cell Therapy: NexCAR19 – A Breakthrough in Cancer Treatment
In April 2024, India achieved a historic milestone in cancer care with the launch of NexCAR19, the nation’s first indigenously developed CAR-T cell therapy, created through a groundbreaking collaboration between IIT Bombay, Tata Memorial Centre, and ImmunoACT. This cutting-edge innovation offers a highly effective, next-generation treatment for blood cancers, bringing hope to thousands of patients. Designed to be affordable and accessible, NexCAR19 marks a critical step towards self-reliance in oncology care, reducing dependence on expensive imported therapies and strengthening India’s position in advanced cancer treatment and biotechnology research.
2. Quad Cancer Moonshot Initiative
In Sep 2024, India, in partnership with the US, Australia, and Japan, has launched the Quad Cancer Moonshot to eliminate cervical cancer across the Indo-Pacific region. This initiative aims to scale up screening and vaccination programs, advance cutting-edge research, and strengthen global collaboration to ensure early detection, effective treatment, and improved survival rates.
3. Expansion of ACTREC
In January 2025, the Advanced Centre for Treatment, Research, and Education in Cancer (ACTREC), a key arm of Tata Memorial Centre (TMC), embarked on a major expansion to revolutionize cancer research, treatment, and patient care. This initiative aims to accelerate clinical breakthroughs, enhance oncology care, and establish cutting-edge therapeutic facilities, reinforcing India’s leadership in advanced cancer treatment and innovation.
Awareness Generation
The Indian government is working to raise awareness about cancer prevention and treatment in several ways:
These efforts aim to educate people on leading a healthy lifestyle, preventing cancer, and seeking timely medical care.
Conclusion
India has made significant strides in cancer prevention, treatment, and research through policy reforms, expanded healthcare infrastructure, and financial assistance schemes. The Union Budget 2025-26 emphasizes strengthening cancer care with initiatives like Day Care Cancer Centres and customs duty exemptions on life-saving drugs. Programs such as NPCDCS, PMJAY, and HMCPF ensure affordable treatment and early detection, while research initiatives like NexCAR19 and the National Cancer Grid are advancing oncology care. Despite progress, challenges remain in equitable access, early detection, and rising cancer cases. Greater investment in awareness, lifestyle interventions, and technology-driven solutions is crucial. With a multi-sectoral approach and sustained government efforts, India aims to build a comprehensive and inclusive cancer care system, improving patient outcomes nationwide.
References
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Santosh Kumar/ Sarla Meena / Vatsla Srivastava
(Release ID: 2102729) Visitor Counter : 40
Source: Government of India (2)
Posted On: 13 FEB 2025 12:20PM by PIB Delhi
A group of probationers of Indian Civil Accounts Service, Indian Post and Telecommunication (Finance & Accounts) Service, Indian Railway Management Service (Accounts) and Indian Postal Service called on the President of India, Smt Droupadi Murmu at Rashtrapati Bhavan today (February 13, 2025).
Speaking on the occasion, the President said that the young officers have the opportunity to contribute directly to nation’s development and prosperity through their domain of functioning, be it managing public finances or ensuring seamless connectivity and communication across the country. She told them that as India moves towards sustainable and inclusive development while focusing on innovation and digital initiatives, young civil servants like them, have an important responsibility to shoulder.
The President said that there is an ever-rising expectation among public for greater speed and efficiency in service delivery, along with increased transparency and accountability. To cater to these requirements, it is essential for the government departments to modernize and digitize their systems by making best use of emerging technologies. Such technologies include machine learning, data analytics, blockchain technology and artificial intelligence. She urged young officers to keep themselves abreast of advanced technologies and skills, and strive to create more citizen-centric, efficient and transparent governance systems. She expressed confidence that they will make all efforts not only to excel in their individual careers, but also to contribute to effective delivery of government services to the people of India.
Click here to see the President’s speech
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MJPS/SR/SKS
(Release ID: 2102631) Visitor Counter : 40
Source: GlobeNewswire (MIL-OSI)
WEST PALM BEACH, Fla., Feb. 13, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced its full-year and fourth quarter 2024 results and provided a business update.
Full-Year 2024:
Fourth Quarter 2024:
2025 Outlook:
* See “Note Regarding Non-GAAP Financial Measures” below
“In 2024 we delivered powerful financial results, with net income reaching an eleven-year high, adjusted pre-tax income nearly doubling from the prior year, and adjusted ROE exceeding our guidance,” said Onity Group Chair, President and CEO Glen Messina. “The year was marked by several significant milestones, including successfully completing a series of transactions to reduce our corporate debt, lower cost and extend maturities, rebranding to Onity, and expanding our digital capabilities. Fourth quarter results were consistent with the guidance we provided at the end of the third quarter, and even with the previously disclosed debt restructuring costs, we ended the year with book value per share at $56, up $4 from prior year-end.”
Messina continued, “Our results demonstrate that our best-in-class servicing platform and broad originations capabilities across our balanced business continued to deliver strong operating and financial performance regardless of interest rate cycles. I’d like to thank our global team and business partners who helped to enable a successful year. Looking ahead, I am confident in our strategy, team and capabilities. I believe we are well positioned to accelerate growth, improve returns and deliver substantial value to our customers, business partners and shareholders in 2025 and beyond.”
Additional Full-Year and Fourth Quarter 2024 Operating and Business Highlights
Webcast and Conference Call
Onity will hold a conference call on Thursday, February 13, 2025, at 8:30 a.m. (ET) to review the Company’s full-year and fourth quarter 2024 operating results. All interested parties are welcome to participate. You can access the conference call by dialing (800) 274-8461 or (203) 518-9814 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations. An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through February 27, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11157783.
About Onity Group
Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding our ability to accelerate growth, improve returns and deliver substantial value to our customers, business partners and shareholders in 2025 and beyond. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements.
Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the potential for ongoing disruption in the financial markets and in commercial activity generally as a result of U.S. and global political events, changes in monetary and fiscal policy, and other sources of instability; the impacts of inflation, employment disruption, and other financial difficulties facing our borrowers; the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, future draws on existing reverse loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them; our ability to interpret correctly and comply with current or future liquidity, net worth and other financial and other requirements of regulators, the Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the GSEs), and the Government National Mortgage Association (Ginnie Mae), including our ability to implement a cost-effective response to Ginnie Mae’s risk-based capital requirements by the extended deadline granted to us by Ginnie Mae of May 1, 2025; our ability to timely reduce operating costs, or generate offsetting revenue, in proportion to the industry-wide decrease in originations activity; the impact of cost-reduction initiatives on our business and operations; the impact of our rebranding initiative; the amount of senior debt or common stock or that we may repurchase under any repurchase programs, the timing of such repurchases, and the long-term impact, if any, of repurchases on the trading price of our securities or our financial condition; breach or failure of Onity’s, our contractual counterparties’, or our vendors’ information technology or other security systems or privacy protections, including any failure to protect customers’ data, resulting in disruption to our operations, loss of income, reputational damage, costly litigation and regulatory penalties; our reliance on our technology vendors to adequately maintain and support our systems, including our servicing systems, loan originations and financial reporting systems, and uncertainty relating to our ability to transition to alternative vendors, if necessary, without incurring significant cost or disruption to our operations; the future of our long-term relationship with Rithm Capital Corp. (Rithm); our ability to close acquisitions of MSRs and other transactions, including the ability to obtain regulatory approvals; our ability to grow our reverse servicing business; our ability to retain clients and employees of acquired businesses, and the extent to which acquisitions and our other strategic initiatives will contribute to achieving our growth objectives; increased servicing costs based on increased borrower delinquency levels or other factors; uncertainty related to past, present or future claims, litigation, cease and desist orders and investigations regarding our servicing, foreclosure, modification, origination and other practices brought by government agencies and private parties, including state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD); the reactions of key counterparties, including lenders, the GSEs and Ginnie Mae, to our regulatory engagements and litigation matters; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to effectively manage our regulatory and contractual compliance obligations; our ability to comply with our servicing agreements, including our ability to comply with the requirements of the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including any future downgrades; as well as other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2023 and for the year ended December 31, 2024 when available. Anyone wishing to understand Onity’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.
Note Regarding Non-GAAP Financial Measures
This press release contains references to adjusted pre-tax income (loss) and adjusted ROE, both non-GAAP financial measures.
We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition, because they are measures that management uses to assess the financial performance of our operations and allocate resources. In addition, management believes that this presentation may assist investors with understanding and evaluating our initiatives to drive improved financial performance. Management believes, specifically, that the removal of fair value changes of our net MSR exposure due to changes in market interest rates and assumptions provides a useful, supplemental financial measure as it enables an assessment of our ability to generate earnings regardless of market conditions and the trends in our underlying businesses by removing the impact of fair value changes due to market interest rates and assumptions, which can vary significantly between periods. However, these measures should not be analyzed in isolation or as a substitute to analysis of our GAAP pre-tax income (loss) or GAAP pre-tax ROE nor a substitute for cash flows from operations. There are certain limitations to the analytical usefulness of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE and, accordingly, we use these adjustments only for purposes of supplemental analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Onity’s reported results under accounting principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Readers are cautioned not to place undue reliance on analysis of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE.
The Company has not provided reconciliations of guidance for adjusted ROE, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include the change in fair value of our net MSR exposure due to changes in market interest rates and assumptions which can vary significantly between periods and are difficult to predict in advance in order to include in a GAAP estimate.
Notables
In the table below, we adjust GAAP pre-tax income for the following factors: MSR valuation adjustments, expense notables, and other income statement notables. MSR valuation adjustments are comprised of changes to Forward MSR and Reverse mortgage valuations due to rates and assumption changes. Expense notables include significant legal and regulatory settlement expenses, severance and retention costs, LTIP stock price changes, consolidation of office facilities and other expenses (such as costs associated with strategic transactions). Other income statement notables include non-routine transactions that are not categorized in the above.
Beginning with the three months ended December 31, 2024, for purposes of calculating Income Statement Notables and Adjusted Pre-Tax Income, we changed the methodology used to calculate Other Income Statement Notables to include change in fair value due to interest rates for reverse loan buyouts (reported in gain/loss on loans held for sale, at fair value). We made this change to align with the change to our risk management approach to include changes in fair value of reverse loan buyouts due to interest rates in our MSR hedge strategy, consistent with other notables, such as Forward MSR Valuation Adjustments due to rates and assumption changes, net and Reverse Mortgage Fair Value Change due to rates and assumption changes.
Other Income Statement Notables (a component of Other Notables) for the first three quarters of 2024 have been revised from prior presentations to reflect the methodology we adopted during the fourth quarter of 2024.
| (Dollars in millions) | FY’24 | FY’23 | Q4’24 | Q3’24 | |
| I | Reported Net Income (Loss) | 34 | (64) | (28) | 21 |
| A. Income Tax Benefit (Expense) | (5) | (6) | 6 | (6) | |
| II | Reported Pre-Tax Income (Loss) [I – A] | 39 | (58) | (34) | 28 |
| Forward MSR Valuation Adjustments due to rates and assumption changes, net (a)(b) | 17 | (121) | 14 | (1) | |
| Reverse Mortgage Fair Value Change due to rates and assumption changes (b)(c) | (7) | (3) | (15) | 9 | |
| III | Total MSR Valuation Adjustments due to rates and assumption changes, net | 10 | (124) | (1) | 8 |
| Significant legal and regulatory settlement expenses | (8) | 21 | (2) | (6) | |
| Severance and retention (d) | (3) | (7) | (0) | (0) | |
| LTIP stock price changes (e) | 1 | 3 | (1) | (1) | |
| Office facilities consolidation | (0) | 0 | (0) | (0) | |
| Other expense notables (f) | (1) | 2 | (0) | 0 | |
| B. Total Expense Notables | (11) | 18 | (4) | (7) | |
| C. Gain (loss) on extinguishment of debt | (49) | 1 | (51) | 0 | |
| D. Gain on sale of MAV canopy | 14 | 14 | |||
| E. Other Income Statement Notables (g) | (13) | (2) | (3) | (5) | |
| IV | Total Other Notables [B + C + D + E] | (60) | 17 | (44) | (12) |
| V | Total Notables (h) [III + IV] | (51) | (107) | (45) | (4) |
| VI | Adjusted Pre-Tax Income (i) [II – V] | 90 | 49 | 11 | 31 |
| a) | MSR valuation adjustments that are due to changes in market interest rates, valuation inputs or other assumptions, net of overall fair value gains / (losses) on MSR hedge, including FV changes of Pledged MSR liabilities associated with MSR transferred to MAV, Rithm and others and ESS financing liabilities that are due to changes in market interest rates, valuation inputs or other assumptions, a component of MSR valuation adjustments, net |
| b) | The changes in fair value due to market interest rates were measured by isolating the impact of market interest rate changes on the valuation model output as provided by our third-party valuation expert |
| c) | FV changes of loans HFI and HMBS related borrowings due to market interest rates and assumptions, a component of gain on reverse loans held for investment and HMBS-related borrowings, net |
| d) | Severance and retention due to organizational rightsizing or reorganization |
| e) | Long-term incentive program (LTIP) compensation expense changes attributable to stock price changes during the period |
| f) | Includes costs associated with but not limited to rebranding, MAV upsize, and other strategic initiatives and transactions |
| g) | Contains non-routine transactions including but not limited to early asset retirement and fair value assumption changes on other investments recorded in other income/expense |
| h) | Certain previously presented notable categories with nil numbers for each period shown have been omitted |
| i) | Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted pre-tax income would be $89M in FY’24, $8M in Q4’24 and $35M in Q3’24; see note titled “Note Regarding Non-GAAP Financial Measures” for more information |
Adjusted ROE Calculation
| (Dollars in millions) | FY’24 | FY’23 | Q4’24 | Q3’24 | |
| I | Reported Net Income (Loss) | 34 | (64) | (28) | 21 |
| II | Notable Items | (51) | (107) | (45) | (4) |
| III | Income Tax Benefit (Expense) | (5) | (6) | 6 | (6) |
| IV | Adjusted Pre-Tax Income (Loss) [I – II – III] | 90 | 49 | 11 | 31 |
| V | Annualized Adjusted Pre-tax Income [IV * 4 for qtr.] | 90 | 49 | 46 | 126 |
| Equity | |||||
| A Beginning Period Equity | 402 | 457 | 468 | 446 | |
| C Ending Period Equity | 443 | 402 | 443 | 468 | |
| D Equity Impact of Notables | 51 | 107 | 45 | 4 | |
| B Adjusted Ending Period Equity [C + D] | 493 | 509 | 488 | 472 | |
| VI | Average Adjusted Equity [(A + B) / 2] | 448 | 483 | 478 | 459 |
| VII | Adjusted ROE (a) [V / VI] | 20% | 10% | 10% | 27% |
| a) | Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted pre-tax income would be $89M in FY’24, $8M in Q4’24, and $35M in Q3’24; without this change, adjusted ROE would be 20% in FY’24, 7% in Q4’24, and 31% in Q3’24; see note titled “Note Regarding Non-GAAP Financial Measures” for more information |
Condensed Consolidated Balance Sheets (unaudited)
| Assets (Dollars in millions) | December 31, 2024 |
December 31, 2023 |
| Cash and cash equivalents | 184.8 | 201.6 |
| Restricted cash | 80.8 | 53.5 |
| Mortgage servicing rights (MSRs), at fair value | 2,466.3 | 2,272.2 |
| Advances, net | 577.2 | 678.8 |
| Loans held for sale, at fair value | 1,290.2 | 677.3 |
| Loans held for investment, at fair value | 11,125.3 | 7,975.5 |
| Receivables, net | 176.4 | 154.8 |
| Investment in equity method investee | – | 37.8 |
| Premises and equipment, net | 11.0 | 13.1 |
| Other assets | 111.3 | 106.2 |
| Contingent loan repurchase asset | 412.2 | 343.0 |
| Total Assets | 16,435.4 | 12,513.7 |
| Liabilities, Mezzanine & Stockholders’ Equity (Dollars in millions) | December 31, 2024 |
December 31, 2023 |
| Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value | 10,872.1 | 7,797.3 |
| Other financing liabilities, at fair value | 846.9 | 900.0 |
| Advance match funded liabilities | 417.1 | 499.7 |
| Mortgage loan financing facilities, net | 1,528.2 | 710.6 |
| MSR financing facilities, net | 957.9 | 916.2 |
| Senior notes, net | 487.4 | 595.8 |
| Other liabilities | 420.6 | 349.3 |
| Contingent loan repurchase liability | 412.2 | 343.0 |
| Total Liabilities | 15,942.5 | 12,111.9 |
| Mezzanine Equity | 49.9 | – |
| Stockholders’ Equity | 442.9 | 401.8 |
| Total Liabilities, Mezzanine and Stockholders’ Equity | 16,435.4 | 12,513.7 |
Condensed Consolidated Statements of Operations (unaudited)
| (Dollars in millions) | For the Years Ended | |||||
| December 31, 2024 |
December 31, 2023 |
|||||
| Revenue | ||||||
| Servicing and subservicing fees | 832.5 | 947.3 | ||||
| Gain on reverse loans held for investment and HMBS-related borrowings, net | 42.5 | 46.7 | ||||
| Gain on loans held for sale, net | 59.0 | 40.6 | ||||
| Other revenue, net | 42.0 | 32.0 | ||||
| Total revenue | 976.0 | 1,066.7 | ||||
| MSR valuation adjustments, net | (96.2) | (232.2) | ||||
| Operating expenses | ||||||
| Compensation and benefits | 232.5 | 229.2 | ||||
| Servicing and origination | 52.3 | 57.3 | ||||
| Technology and communications | 52.9 | 52.5 | ||||
| Professional services | 52.6 | 22.3 | ||||
| Occupancy, equipment and mailing | 31.4 | 31.8 | ||||
| Other expenses | 14.7 | 19.0 | ||||
| Total operating expenses | 436.5 | 412.1 | ||||
| Other income (expense) | ||||||
| Interest income | 93.3 | 78.0 | ||||
| Interest expense | (288.9) | (273.6) | ||||
| Pledged MSR liability expense | (175.4) | (296.3) | ||||
| Gain (loss) on extinguishment of debt | (49.4) | 1.3 | ||||
| Earnings of equity method investee | 22.9 | 7.3 | ||||
| Other, net | (6.6) | 2.8 | ||||
| Other income (expense), net | (404.1) | (480.5) | ||||
| Income before income taxes | 39.3 | (58.1) | ||||
| Income tax expense | 5.3 | 5.6 | ||||
| Net Income (Loss) | 33.9 | (63.7) | ||||
| Preferred stock dividend | (0.5) | – | ||||
| Net Income (Loss) attributable to common stockholders | 33.4 | (63.7) | ||||
| Basic EPS | $4.28 | ($8.34) | ||||
| Diluted EPS | $4.13 | ($8.34) | ||||
For Further Information Contact:
Investors:
Valerie Haertel, VP, Investor Relations
(561) 570-2969
shareholderrelations@onitygroup.com
Media:
Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
mediarelations@onitygroup.com
Source: European Parliament
|
|
PV-10-2025-02-12
EN
EN
iPlPv_Sit
| Minutes | |
| Wednesday, 12 February 2025 – Strasbourg | |
|
IN THE CHAIR: Roberta METSOLA
The sitting opened at 09:04. |
The decision of the AFET and BUDG committees to enter into interinstitutional negotiations had been announced on 10 February 2025 (minutes of 10.2.2025, item 7). As no request for a vote pursuant to Rule 72(2) had been made, the committees responsible had been able to enter into negotiations upon expiry of the deadline. |
Commission statement: Commission Work Programme 2025 (2025/2500(RSP)) The President gave explanations on the conduct of the debate, as a new format was being tested. The following spoke: Gerben-Jan Gerbrandy, on the presence of the Commission at the debate. Maroš Šefčovič (Member of the Commission) made the statement. The following spoke: Jeroen Lenaers, on behalf of the PPE Group, Iratxe García Pérez, on behalf of the S&D Group, Jordan Bardella, on behalf of the PfE Group, Nicola Procaccini, on behalf of the ECR Group, Valérie Hayer, on behalf of the Renew Group, Bas Eickhout, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, René Aust, on behalf of the ESN Group, Tomas Tobé, Camilla Laureti, Sebastiaan Stöteler, who also answered a blue-card question from Gerben-Jan Gerbrandy, Patryk Jaki, who also answered a blue-card question from Yvan Verougstraete, Billy Kelleher, Kira Marie Peter-Hansen, who also answered a blue-card question from Tomáš Zdechovský, Pasquale Tridico, Christine Anderson, Kateřina Konečná, who also answered a blue-card question from Tomáš Zdechovský, Dolors Montserrat, Mohammed Chahim, Tamás Deutsch, who also answered a blue-card question from Martin Hojsík, Lídia Pereira, who also answered a blue-card question from João Oliveira, Gabriele Bischoff, Charlie Weimers, who also answered a blue-card question from Petras Gražulis, Gerben-Jan Gerbrandy, who also answered a blue-card question from Sander Smit, Željana Zovko, Damian Boeselager, Andrey Novakov, Yannis Maniatis, Jorge Buxadé Villalba, Adrian-George Axinia, Gordan Bosanac, Tomislav Sokol, Ana Catarina Mendes, Irene Montero, Monika Beňová, Lena Düpont, Alex Agius Saliba, Karlo Ressler, Paolo Borchia, Assita Kanko, Martin Hojsík, Angelika Niebler, Anna Bryłka, Zsuzsanna Borvendég, Elissavet Vozemberg-Vrionidi, Heléne Fritzon, Harald Vilimsky, Beata Szydło, Paulo Cunha, who also answered a blue-card question from João Oliveira, Mario Mantovani, Hannah Neumann, Li Andersson, Thomas Geisel, Nikolina Brnjac, Kathleen Van Brempt, Gilles Pennelle, Ioan-Rareş Bogdan and Marion Maréchal. The following spoke under the catch-the-eye procedure: Michał Wawrykiewicz, Juan Fernando López Aguilar, Sebastian Tynkkynen, Hilde Vautmans, Tilly Metz, Lynn Boylan, Lukas Sieper, Sunčana Glavak, Maria Grapini, Bert-Jan Ruissen, Seán Kelly, Vytenis Povilas Andriukaitis, Thomas Bajada, Cristina Maestre and Jean-Marc Germain. The following spoke: Maroš Šefčovič. The following spoke: Jeroen Lenaers, who referred to the presence of the Commission at the debate. The debate closed. |
Statements by Parliament: One year after the murder of Alexei Navalny and the continued repression of the democratic opposition in Russia (2024/2526(RSP)) The President made an introductory address. The following spoke: Sandra Kalniete, on behalf of the PPE Group, Andreas Schieder, on behalf of the S&D Group, Pierre-Romain Thionnet, on behalf of the PfE Group, Nicola Procaccini, on behalf of the ECR Group, Bernard Guetta, on behalf of the Renew Group, Sergey Lagodinsky, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, and Petar Volgin, on behalf of the ESN Group. The debate closed. (The sitting was suspended for a few moments.) |
|
IN THE CHAIR: Sophie WILMÈS
The sitting resumed at 12:05. |
For detailed results of the votes, see also ‘Results of votes’ and ‘Results of roll-call votes’. |
Report on the draft Council directive amending Directive 2006/112/EC as regards VAT rules for the digital age [15159/2024 – C10-0170/2024 – 2022/0407(CNS)] – Committee on Economic and Monetary Affairs. Rapporteur: Ľudovít Ódor (A10-0001/2025) (Majority of the votes cast) COUNCIL DRAFT Approved by single vote (P10_TA(2025)0012) The following had spoken: Before the vote, Ľudovít Ódor (rapporteur) to make a statement on the basis of Rule 165(4). (‘Results of votes’, item 1) |
Report on the proposal for a Council directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation [COM(2024)0497 – C10-0169/2024 – 2024/0276(CNS)] – Committee on Economic and Monetary Affairs. Rapporteur: Aurore Lalucq (A10-0002/2025) (Majority of the votes cast) COMMISSION PROPOSAL AU CONSEIL Approved by single vote (P10_TA(2025)0013) (‘Results of votes’, item 2) |
Motion for a resolution tabled by the ENVI Committee, in accordance with Rule 115(2) and 115(3), (B10-0061/2025) – Members responsible: Martin Häusling, Biljana Borzan, Anja Hazekamp (Majority of the votes cast) MOTION FOR A RESOLUTION Adopted (P10_TA(2025)0014) (‘Results of votes’, item 3) |
Motion for a resolution tabled by the ENVI Committee, in accordance with Rule 115(2) and 115(3), on the draft Commission implementing decision authorising the placing on the market of products containing, consisting of or produced from genetically modified maize MON 95275 pursuant to Regulation (EC) No 1829/2003 of the European Parliament and of the Council (D102172/03 – 2024/3011(RSP)) (B10-0060/2025) – Members responsible: Martin Häusling, Biljana Borzan, Anja Hazekamp (Majority of the votes cast) MOTION FOR A RESOLUTION Adopted (P10_TA(2025)0015) (‘Results of votes’, item 4) (The sitting was suspended at 12:11.) |
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IN THE CHAIR: Martin HOJSÍK
The sitting resumed at 12:15. |
The minutes of the previous sitting were approved. |
The following spoke: René Repasi to open the debate proposed by the S&D Group. The following spoke: Adam Szłapka (President-in-Office of the Council) and Stéphane Séjourné (Executive Vice-President of the Commission). The following spoke: Daniel Caspary, on behalf of the PPE Group, Javi López, on behalf of the S&D Group, António Tânger Corrêa, on behalf of the PfE Group, Carlo Fidanza, on behalf of the ECR Group, Billy Kelleher, on behalf of the Renew Group, Daniel Freund, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, Ivan David, on behalf of the ESN Group, Lukas Mandl, Heléne Fritzon, Klara Dostalova, Jadwiga Wiśniewska, Sandro Gozi, Maria Ohisalo, Marina Mesure, Markus Buchheit, Lukas Sieper, Angelika Niebler, Katarina Barley, Anders Vistisen, Charlie Weimers, Charles Goerens, Thomas Waitz, Jussi Saramo, Erik Kaliňák, Alma Ezcurra Almansa, Mohammed Chahim, Paolo Borchia, Assita Kanko, Moritz Körner, Reinier Van Lanschot, Luis-Vicențiu Lazarus, Riho Terras, Alessandra Moretti, Ondřej Knotek, Stefano Cavedagna, Anna Stürgkh, Majdouline Sbai, François-Xavier Bellamy, Andreas Schieder, Jorge Buxadé Villalba, Cristian Terheş, Stefan Berger, Vasile Dîncu, Afroditi Latinopoulou, Thomas Pellerin-Carlin, Csaba Dömötör, Estelle Ceulemans, Jean-Paul Garraud, Tiemo Wölken and Marc Angel. The following spoke: Stéphane Séjourné and Adam Szłapka. The debate closed. |
Council and Commission statements: Competitiveness Compass (2025/2531(RSP)) Adam Szłapka (President-in-Office of the Council) and Stéphane Séjourné (Executive Vice-President of the Commission) made the statements. The following spoke: Christian Ehler, on behalf of the PPE Group. IN THE CHAIR: Roberts ZĪLE The following spoke: Mohammed Chahim, on behalf of the S&D Group, Tom Vandendriessche, on behalf of the PfE Group, Johan Van Overtveldt, on behalf of the ECR Group, Morten Løkkegaard, on behalf of the Renew Group, Marie Toussaint, on behalf of the Verts/ALE Group, Hanna Gedin, on behalf of The Left Group, Sarah Knafo, on behalf of the ESN Group, Markus Ferber, Gabriele Bischoff, who also answered a blue-card question from Bogdan Rzońca, Anders Vistisen, Piotr Müller, João Cotrim De Figueiredo, Ville Niinistö, Anthony Smith, Lefteris Nikolaou-Alavanos, Peter Liese, Alex Agius Saliba, Julie Rechagneux, who also answered a blue-card question from Anthony Smith, Elena Donazzan, Pascal Canfin, Sara Matthieu, Per Clausen, who also answered a blue-card question from Jadwiga Wiśniewska, Andreas Schwab, Irene Tinagli, who also answered a blue-card question from Diana Iovanovici Şoşoacă, András Gyürk, Gheorghe Piperea, Svenja Hahn, João Oliveira, Lídia Pereira, Aurore Lalucq, Jana Nagyová, Giovanni Crosetto, Anna-Maja Henriksson, Rudi Kennes, Massimiliano Salini, Ana Catarina Mendes, who also answered blue-card questions from João Oliveira and Lídia Pereira, Margarita de la Pisa Carrión, who also answered a blue-card question from Dario Nardella, Kosma Złotowski, Anna Stürgkh, Fernando Navarrete Rojas, Estelle Ceulemans, Sebastian Kruis, Dick Erixon, Jeannette Baljeu, Jens Gieseke, Jonás Fernández, Tomasz Buczek, Antonella Sberna, Oihane Agirregoitia Martínez, Tom Berendsen, Laura Ballarín Cereza, Pascale Piera, Nora Junco García, Cynthia Ní Mhurchú, Pilar del Castillo Vera, Dario Nardella, Ľudovít Ódor, Eszter Lakos and Carla Tavares. IN THE CHAIR: Christel SCHALDEMOSE The following spoke: Virgil-Daniel Popescu, Lara Wolters, Jessica Polfjärd, Delara Burkhardt, Eero Heinäluoma, Victor Negrescu and Marcos Ros Sempere. The following spoke under the catch-the-eye procedure: Hélder Sousa Silva, Nina Carberry, Maria Zacharia, Maria Grapini and Sebastian Tynkkynen. The following spoke: Stéphane Séjourné and Adam Szłapka. The debate closed. |
The ECR Group had notified the President of the following decisions changing the composition of the committees and delegations: – ITRE Committee: Diego Solier to replace Carlo Ciccioli – PETI Committee: Chiara Gemma The decisions took effect as of that day. |
Council and Commission statements: Need for targeted support to EU regions bordering Russia, Belarus and Ukraine (2025/2532(RSP)) Adam Szłapka (President-in-Office of the Council) and Raffaele Fitto (Executive Vice-President of the Commission) made the statements. The following spoke: Andrzej Halicki, on behalf of the PPE Group, Marcos Ros Sempere, on behalf of the S&D Group, Sebastian Tynkkynen, on behalf of the ECR Group, Ľubica Karvašová, on behalf of the Renew Group, Mārtiņš Staķis, on behalf of the Verts/ALE Group, Marcin Sypniewski, on behalf of the ESN Group, Ioan-Rareş Bogdan, Marina Kaljurand, Tobiasz Bocheński, Elsi Katainen, Michael von der Schulenburg, Andrey Novakov, Eero Heinäluoma, Georgiana Teodorescu, Eugen Tomac, Mika Aaltola, Carla Tavares, Aurelijus Veryga, Petras Auštrevičius, Riho Terras, Reinis Pozņaks, Christophe Gomart and Maciej Wąsik. The following spoke under the catch-the-eye procedure: Seán Kelly, Juan Fernando López Aguilar, Liudas Mažylis, Vilija Blinkevičiūtė and Diana Iovanovici Şoşoacă. The following spoke: Raffaele Fitto and Adam Szłapka. The debate closed. |
Commission statement: US withdrawal from the Paris Climate Agreement and the World Health Organisation, and the suspension of US development and humanitarian aid (2025/2527(RSP)) Hadja Lahbib (Member of the Commission) made the statement. The following spoke: Michał Szczerba, on behalf of the PPE Group, Mohammed Chahim, on behalf of the S&D Group, Ondřej Knotek, on behalf of the PfE Group, Alexandr Vondra, on behalf of the ECR Group, Barry Andrews, on behalf of the Renew Group, Michael Bloss, on behalf of the Verts/ALE Group, Jonas Sjöstedt, on behalf of The Left Group, Christine Anderson, on behalf of the ESN Group, Udo Bullmann, who also declined to take a blue-card question from Alexander Sell, António Tânger Corrêa, Anna Zalewska, Dan Barna, Ignazio Roberto Marino, Isabel Serra Sánchez, Alexander Sell, Ondřej Dostál, Tomislav Sokol, Vytenis Povilas Andriukaitis, Gerolf Annemans, Francesco Torselli, Charles Goerens, Lena Schilling, Marc Botenga, Anja Arndt, David McAllister, Tiemo Wölken, who also answered a blue-card question from Alexander Sell, Julien Sanchez, Laurence Trochu, Sigrid Friis and Isabella Lövin. IN THE CHAIR: Antonella SBERNA The following spoke: Catarina Martins, who also answered a blue-card question from Diana Iovanovici Şoşoacă, Stanislav Stoyanov, Radan Kanev, Nicola Zingaretti, Juan Carlos Girauta Vidal, Sergio Berlato, who also answered a blue-card question from Radan Kanev, Michal Wiezik, Rasmus Nordqvist, Valentina Palmisano, Milan Mazurek, Lídia Pereira, Marta Temido, who also answered a blue-card question from João Oliveira, Marieke Ehlers, who also answered a blue-card question from Nicolae Ştefănuță, Lukas Sieper on some of the remarks made by the previous speaker, Nikolas Farantouris, Sander Smit, who also answered a blue-card question from Anna Strolenberg, Antonio Decaro, Hermann Tertsch, Murielle Laurent, Roman Haider, Leire Pajín, Virginie Joron, Heléne Fritzon, Gerald Hauser, Robert Biedroń, Anne-Sophie Frigout and Aleksandar Nikolic. The following spoke under the catch-the-eye procedure: Seán Kelly, Marit Maij, Alexander Jungbluth, Lukas Sieper, Nikolina Brnjac and Michał Wawrykiewicz. The following spoke: Hadja Lahbib. The debate closed. |
Commission statement: Honouring the memory of Ján Kuciak and Martina Kušnírová: advancing media freedom, strengthening the rule of law and protecting journalists across the EU (2025/2556(RSP)) Michael McGrath (Member of the Commission) made the statement. The following spoke: Miriam Lexmann, on behalf of the PPE Group, Ana Catarina Mendes, on behalf of the S&D Group, Juan Carlos Girauta Vidal, on behalf of the PfE Group, Małgorzata Gosiewska, on behalf of the ECR Group, Veronika Cifrová Ostrihoňová, on behalf of the Renew Group, Tineke Strik, on behalf of the Verts/ALE Group, Konstantinos Arvanitis, on behalf of The Left Group, Milan Uhrík, on behalf of the ESN Group, David Casa, Emma Rafowicz, Irena Joveva, Katarína Roth Neveďalová, Magdalena Adamowicz, Sophie Wilmès, Hristo Petrov and Laurence Farreng. IN THE CHAIR: Esteban GONZÁLEZ PONS The following spoke under the catch-the-eye procedure: Juan Fernando López Aguilar, Maria Zacharia and Lukas Sieper. The following spoke: Michael McGrath. The debate closed. |
(For the titles and authors of the motions for resolutions, see minutes of 12.2.2025, item I.) |
Motions for resolutions B10-0100/2025, B10-0103/2025, B10-0110/2025, B10-0115/2025, B10-0119/2025, B10-0121/2025 and B10-0124/2025 (2025/2546(RSP)) Michalis Hadjipantela, Evin Incir, Malik Azmani, Vladimir Prebilič, Isabel Serra Sánchez and Sebastiaan Stöteler introduced their groups’ motions for resolutions. The following spoke: Reinhold Lopatka, on behalf of the PPE Group, Nacho Sánchez Amor, on behalf of the S&D Group, Arkadiusz Mularczyk, on behalf of the ECR Group, Mélissa Camara, on behalf of the Verts/ALE Group, Giorgos Georgiou, on behalf of The Left Group, Nikos Papandreou and Per Clausen. The following spoke under the catch-the-eye procedure: Geadis Geadi and Maria Zacharia. The following spoke: Glenn Micallef (Member of the Commission). The debate closed. Vote: 13 February 2025. |
Motions for resolutions B10-0126/2025, B10-0128/2025, B10-0130/2025, B10-0131/2025, B10-0132/2025, B10-0134/2025 and B10-0135/2025 (2025/2547(RSP)) Željana Zovko, Leire Pajín, Carlo Fidanza, Oihane Agirregoitia Martínez, Diana Riba i Giner and Tomasz Froelich introduced their groups’ motions for resolutions. The following spoke: Antonio López-Istúriz White, on behalf of the PPE Group, Francisco Assis, on behalf of the S&D Group, Davor Ivo Stier, Gabriel Mato and Francisco José Millán Mon. The following spoke: Glenn Micallef (Member of the Commission). The debate closed. Vote: 13 February 2025. |
Motions for resolutions B10-0101/2025, B10-0104/2025, B10-0111/2025, B10-0113/2025, B10-0117/2025, B10-0120/2025, B10-0122/2025 and B10-0123/2025 (2025/2548(RSP)) Miriam Lexmann, Hannes Heide, Bert-Jan Ruissen, Catarina Vieira, Merja Kyllönen, Susanna Ceccardi and Tomasz Froelich introduced their groups’ motions for resolutions. The following spoke: Arkadiusz Mularczyk, on behalf of the ECR Group. The following spoke: Glenn Micallef (Member of the Commission). The debate closed. Vote: 13 February 2025. |
Commission statement: Silent crisis: the mental health of Europe’s youth (2025/2552(RSP)) Glenn Micallef (Member of the Commission) made the statement. The following spoke: Tomislav Sokol, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Aurelijus Veryga, on behalf of the ECR Group, Veronika Cifrová Ostrihoňová, on behalf of the Renew Group, Ignazio Roberto Marino, on behalf of the Verts/ALE Group, Catarina Martins, on behalf of The Left Group, Milan Mazurek, on behalf of the ESN Group, Adam Jarubas, Nikos Papandreou, Michele Picaro and Nicolae Ştefănuță. IN THE CHAIR: Victor NEGRESCU The following spoke: Emma Fourreau, Alvise Pérez, András Tivadar Kulja, Romana Jerković, Kim Van Sparrentak, Elena Nevado del Campo, Nicolás González Casares, Peter Agius, Maria Walsh and Jessika Van Leeuwen. The following spoke under the catch-the-eye procedure: Martine Kemp, Ana Miranda Paz, João Oliveira and Sunčana Glavak. The following spoke: Glenn Micallef. The debate closed. |
Written explanations of vote Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website. |
The next sitting would be held the following day, 13 February 2025, starting at 09:00. The agenda was available on Parliament’s website. |
In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the beginning of the afternoon of the next sitting. |
The sitting closed at 21:26. |
| LIST OF DOCUMENTS SERVING AS A BASIS FOR THE DEBATES AND DECISIONS OF PARLIAMENT |
Recent dismissals and arrests of mayors in Türkiye The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions: on the recent dismissals and arrests of mayors in Türkiye (B10-0100/2025) on the recent dismissals and arrests of mayors in Türkiye (B10-0103/2025) on the recent dismissals and arrests of mayors in Türkiye (B10-0110/2025) on the recent dismissals and arrests of mayors in Türkiye (B10-0115/2025) on the recent dismissals and arrests of mayors in Türkiye (B10-0119/2025) on the recent dismissals and arrests of mayors in Türkiye (B10-0121/2025) on the recent dismissals and arrests of mayors in Türkiye (B10-0124/2025) Repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions: on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0126/2025) on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0128/2025) on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0130/2025) on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0131/2025) on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0132/2025) on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0134/2025) on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0135/2025) Continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions: on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0101/2025) on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0104/2025) on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0111/2025) on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0113/2025) on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0117/2025) on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0120/2025) on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0122/2025) on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0123/2025) |
Draft delegated acts forwarded to Parliament – Commission Delegated Regulation supplementing Regulation (EU) 600/2014 of the European Parliament and of the Council as regards OTC derivatives identifying reference data to be used for the purposes of the transparency requirements laid down in Article 8a(2) and Articles 10 and 21 (C(2025)00417 – 2025/2534(DEA)) Deadline for raising objections: 3 months from the date of receipt of 24 January 2025 referred to committee responsible: ECON – Commission Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2021/931 as regards the specification of the formula for calculating the supervisory delta of call and put options mapped to the commodity risk category (C(2025)00459 – 2025/2537(DEA)) Deadline for raising objections: 3 months from the date of receipt of 28 January 2025 referred to committee responsible: ECON – Commission Delegated Regulation amending Delegated Regulation (EU) 2019/624 as regards ante-mortem inspections in slaughterhouses, ante-mortem inspections at the holding of provenance and post-mortem inspections (C(2025)00539 – 2025/2540(DEA)) Deadline for raising objections: 2 months from the date of receipt of 30 January 2025 referred to committee responsible: ENVI – Commission Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2022/2059, Delegated Regulation (EU) 2022/2060 and Delegated Regulation (EU) 2023/1577 as regards the technical details of back-testing and profit and loss attribution requirements, the criteria for assessing the modellability of risk factors, and the treatment of foreign-exchange risk and commodity risk in the non-trading book (C(2025)00595 – 2025/2543(DEA)) Deadline for raising objections: 3 months from the date of receipt of 3 February 2025 referred to committee responsible: ECON – Commission Delegated Regulation supplementing Directive 2003/87/EC of the European Parliament and of the Council by laying down detailed rules for the yearly calculation of price differences between eligible aviation fuels and fossil kerosene and for the EU ETS allocation of allowances for the use of eligible aviation fuels (C(2025)00681 – 2025/2559(DEA)) Deadline for raising objections: 2 months from the date of receipt of 6 February 2025 referred to committee responsible: ENVI – Commission Delegated Regulation amending Regulation (EU) 2023/2053 of the European Parliament and of the Council as regards the management of bluefin tuna in the eastern Atlantic and in the Mediterranean (C(2025)00748 – 2025/2560(DEA)) Deadline for raising objections: 2 months from the date of receipt of 7 February 2025 referred to committee responsible: PECH |
Draft implementing measures falling under the regulatory procedure with scrutiny forwarded to Parliament – Commission Regulation amending Regulation (EU) 2023/1803 as regards International Financial Reporting Standard 9 and International Financial Reporting Standard 7 (Text with EEA relevance) (D103844/01 – 2025/2525(RPS) – deadline: 21 April 2025) – Commission Regulation amending and correcting Regulation (EU) No 142/2011 as regards certain requirements for the placing on the market and imports of animal by-products and derived products not intended for human consumption (D103880/01 – 2025/2535(RPS) – deadline: 28 April 2025) |
In accordance with Article 29 of the Financial Regulation, the Committee on Budgets had decided to approve transfer of appropriations No 1/2025 – Section IX – European Data Protection Supervisor. In accordance with Article 31(1) of the Financial Regulation, the Committee on Budgets had decided to approve the Commission’s transfer of appropriations DEC 01/2025 – Section III – Commission. In accordance with Article 31(6) of the Financial Regulation, the Council of the European Union had decided to approve the Commission’s transfer of appropriations DEC 01/2025 – Section III – Commission. |
| ATTENDANCE REGISTER | |
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Present: Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Alexandraki Galato, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annemans Gerolf, Annunziata Lucia, Antoci Giuseppe, Arias Echeverría Pablo, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Auštrevičius Petras, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Ballarín Cereza Laura, Bardella Jordan, Barley Katarina, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bausemer Arno, Bay Nicolas, Bay Christophe, Beke Wouter, Beleris Fredis, Bellamy François-Xavier, Benea Adrian-Dragoş, Benifei Brando, Benjumea Benjumea Isabel, Beňová Monika, Bentele Hildegard, Berendsen Tom, Berger Stefan, Berg Sibylle, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blinkevičiūtė Vilija, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bogdan Ioan-Rareş, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Braun Grzegorz, Brejza Krzysztof, Bricmont Saskia, Brnjac Nikolina, Brudziński Joachim Stanisław, Bryłka Anna, Buchheit Markus, Buczek Tomasz, Buda Daniel, Budka Borys, Bugalho Sebastião, Buła Andrzej, Bullmann Udo, Burkhardt Delara, Buxadé Villalba Jorge, Bystron Petr, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Cârciu Gheorghe, Carême Damien, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Ceccardi Susanna, Cepeda José, Ceulemans Estelle, Chahim Mohammed, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crespo Díaz Carmen, Cristea Andi, Crosetto Giovanni, Cunha Paulo, Dahl Henrik, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Deutsch Tamás, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Dîncu Vasile, Disdier Mélanie, Dobrev Klára, Doherty Regina, Doleschal Christian, Dömötör Csaba, Do Nascimento Cabral Paulo, Donazzan Elena, Dorfmann Herbert, Dostalova Klara, Dostál Ondřej, Düpont Lena, Dworczyk Michał, Ecke Matthias, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Estaràs Ferragut Rosa, Ezcurra Almansa Alma, Falcă Gheorghe, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Ferenc Viktória, Fernández Jonás, Fidanza Carlo, Firea Gabriela, Firmenich Ruth, Fita Claire, Flanagan Luke Ming, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Friis Sigrid, Fritzon Heléne, Froelich Tomasz, Funchion Kathleen, Furet Angéline, Furore Mario, Gahler Michael, Gál Kinga, Gálvez Lina, Gambino Alberico, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Geisel Thomas, Gemma Chiara, Georgiou Giorgos, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glucksmann Raphaël, Goerens Charles, Gomart Christophe, Gomes Isilda, Gómez López Sandra, Gonçalves Bruno, Gonçalves Sérgio, González Casares Nicolás, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gražulis Petras, Gregorová Markéta, Grims Branko, Griset Catherine, Gronkiewicz-Waltz Hanna, Groothuis Bart, Grossmann Elisabeth, Gualmini Elisabetta, Guarda Cristina, Guetta Bernard, Guzenina Maria, Győri Enikő, Gyürk András, Hadjipantela Michalis, Hahn Svenja, Haider Roman, Halicki Andrzej, Hansen Niels Flemming, Hassan Rima, Hauser Gerald, Häusling Martin, Hava Mircea-Gheorghe, Hazekamp Anja, Heide Hannes, Heinäluoma Eero, Henriksson Anna-Maja, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hohlmeier Monika, Hojsík Martin, Holmgren Pär, Hölvényi György, Homs Ginel Alicia, Humberto Sérgio, Ijabs Ivars, Imart Céline, Inselvini Paolo, Iovanovici Şoşoacă Diana, Jaki Patryk, Jalloul Muro Hana, Jamet France, Jarubas Adam, Jerković Romana, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaliňák Erik, Kaljurand Marina, Kalniete Sandra, Kamiński Mariusz, Kanev Radan, Kanko Assita, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kemp Martine, Kennes Rudi, Knafo Sarah, Knotek Ondřej, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kollár Kinga, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovatchev Andrey, Krah Maximilian, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Kyllönen Merja, Kyuchyuk Ilhan, Lagodinsky Sergey, Lakos Eszter, Lalucq Aurore, Lange Bernd, Langensiepen Katrin, Laššáková Judita, László András, Latinopoulou Afroditi, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Lazarus Luis-Vicențiu, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Lins Norbert, Løkkegaard Morten, Lopatka Reinhold, López Javi, López Aguilar Juan Fernando, López-Istúriz White Antonio, Lövin Isabella, Luena César, Lupo Giuseppe, McAllister David, Madison Jaak, Maestre Cristina, Magoni Lara, Magyar Péter, Maij Marit, Maląg Marlena, Manda Claudiu, Mandl Lukas, Maniatis Yannis, Mantovani Mario, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Maréchal Marion, Mariani Thierry, Marino Ignazio Roberto, Marquardt Erik, Martín Frías Jorge, Martins Catarina, Martusciello Fulvio, Mato Gabriel, Matthieu Sara, Mavrides Costas, Mayer Georg, Mazurek Milan, Mažylis Liudas, McNamara Michael, Mebarek Nora, Mehnert Alexandra, Meimarakis Vangelis, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Milazzo Giuseppe, Millán Mon Francisco José, Minchev Nikola, Miranda Paz Ana, Montero Irene, Montserrat Dolors, Morace Carolina, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Motreanu Dan-Ştefan, Mularczyk Arkadiusz, Müller Piotr, Mureşan Siegfried, Nagyová Jana, Nardella Dario, Navarrete Rojas Fernando, Negrescu Victor, Nemec Matjaž, Nesci Denis, Neuhoff Hans, Neumann Hannah, Nevado del Campo Elena, Niebler Angelika, Niedermayer Luděk, Niinistö Ville, Nikolaou-Alavanos Lefteris, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Oetjen Jan-Christoph, Ohisalo Maria, Oliveira João, Olivier Philippe, Omarjee Younous, Ó Ríordáin Aodhán, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Panayiotou Fidias, Papadakis Kostas, Papandreou Nikos, Pappas Nikos, Pascual de la Parte Nicolás, Patriciello Aldo, Paulus Jutta, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Penkova Tsvetelina, Pennelle Gilles, Pereira Lídia, Pérez Alvise, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picierno Pina, Picula Tonino, Piera Pascale, Pimpie Pierre, Piperea Gheorghe, de la Pisa Carrión Margarita, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Popescu Virgil-Daniel, Pozņaks Reinis, Prebilič Vladimir, Princi Giusi, Pürner Friedrich, Rackete Carola, Radev Emil, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Razza Ruggero, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Ressler Karlo, Reuten Thijs, Riba i Giner Diana, Ricci Matteo, Ridel Chloé, Riehl Nela, Ripa Manuela, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Sardone Silvia, Šarec Marjan, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schaller-Baross Ernő, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Serra Sánchez Isabel, Sidl Günther, Sienkiewicz Bartłomiej, Sieper Lukas, Simon Sven, Singer Christine, Sinkevičius Virginijus, Sippel Birgit, Sjöstedt Jonas, Śmiszek Krzysztof, Smith Anthony, Smit Sander, Sokol Tomislav, Solier Diego, Solís Pérez Susana, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Sousa Silva Hélder, Søvndal Villy, Staķis Mārtiņš, Stancanelli Raffaele, Ştefănuță Nicolae, Steger Petra, Stier Davor Ivo, Storm Kristoffer, Stöteler Sebastiaan, Stoyanov Stanislav, Strack-Zimmermann Marie-Agnes, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Sturdza Şerban Dimitrie, Stürgkh Anna, Sypniewski Marcin, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarczyński Dominik, Tarquinio Marco, Tarr Zoltán, Târziu Claudiu-Richard, Tavares Carla, Tegethoff Kai, Temido Marta, Teodorescu Georgiana, Teodorescu Måwe Alice, Terheş Cristian, Ter Laak Ingeborg, Terras Riho, Tertsch Hermann, Thionnet Pierre-Romain, Timgren Beatrice, Tinagli Irene, Tobé Tomas, Tolassy Rody, Tomac Eugen, Tomašič Zala, Tomaszewski Waldemar, Tomc Romana, Tonin Matej, Toom Jana, Topo Raffaele, Torselli Francesco, Tosi Flavio, Toussaint Marie, Tovaglieri Isabella, Toveri Pekka, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Tudose Mihai, Turek Filip, Tynkkynen Sebastian, Uhrík Milan, Vaidere Inese, Valchev Ivaylo, Vălean Adina, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Overtveldt Johan, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vasile-Voiculescu Vlad, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verougstraete Yvan, Veryga Aurelijus, Vešligaj Marko, Vicsek Annamária, Vieira Catarina, Vilimsky Harald, Vincze Loránt, Vind Marianne, Vistisen Anders, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsh Maria, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wawrykiewicz Michał, Wcisło Marta, Wechsler Andrea, Weimers Charlie, Werbrouck Séverine, Wiesner Emma, Wiezik Michal, Wilmès Sophie, Winkler Iuliu, Winzig Angelika, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wölken Tiemo, Wolters Lara, Yar Lucia, Yon-Courtin Stéphanie, Yoncheva Elena, Zacharia Maria, Zalewska Anna, Žalimas Dainius, Zan Alessandro, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Zijlstra Auke, Zīle Roberts, Zingaretti Nicola, Złotowski Kosma, Zoido Álvarez Juan Ignacio, Zovko Željana, Zver Milan Excused: Morano Nadine, Zarzalejos Javier |
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Source: European Parliament
EU-Mercosur free-trade agreement
At 9.00, MEPs and Commissioner Micallef will review the recently concluded EU-Mercosur free-trade deal, amidst a new geopolitical context of increasing unilateralism, and concerns over the deal’s potential effects on European agriculture. If ratified, the deal would gradually phase out duties on 91% of EU exports to Mercosur and 92% of Mercosur exports to the EU. Parliament must give its consent before the agreement can enter into force.
(+32) 477 99 20 73
Threats to EU sovereignty over communication infrastructure
From around 10.30, MEPs and Commissioner Micallef will assess the EU’s progress in reducing its strategic dependencies in the area of critical communication infrastructure. MEPs are expected to voice concerns that member states may resort to non-EU suppliers of governmental communication infrastructure before the EU’s own system, IRIS² (Infrastructure for Resilience, Interconnectivity and Security by Satellite) is operational in 2030.
(+32) 498 98 13 37
In brief
Georgia. In a resolution to be voted on at noon, MEPs are set to declare that Georgia’s self-proclaimed authorities have no legitimacy, and are expected to call for EU sanctions against leading Georgian politicians. In the draft text, Parliament also recognises Salome Zourabichvili as Georgia’s legitimate president.
Congo. At noon, MEPs will vote on a resolution on the escalation of violence in the eastern Democratic Republic of the Congo. The draft text demands the suspension of the EU deal with Rwanda on sustainable value chains for critical raw materials and calls on the Rwandan government to withdraw its troops from the DRC’s territory and cease cooperation with the M23 rebels.
Votes
At noon, plenary will also vote on:
Live coverage of the plenary session can be found on Parliament’s webstreaming and on EbS+.
For detailed information on the session, please also see our newsletter.
Find more information regarding plenary.
Source: GlobeNewswire (MIL-OSI)
Announced Proposed Transaction to Increase Tangible Book Value to Ben Public Company Stockholders by $9 Million on 8.4 Million Shares Outstanding, Permanent Equity Increased by $35 Million
Completed First Primary Capital Transaction as Part of Ongoing Business Development Activities
Announced Proposed International Bank Acquisition to Expand Alternative and Digital Asset Markets Capabilities
DALLAS, Feb. 13, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, today reported its financial results for the fiscal 2025 third quarter, which ended December 31, 2024.
Commenting on the fiscal 2025 third quarter results, Beneficient management said: “Our fiscal third quarter was focused on key steps that we believe will ready Ben for significant new activities in delivering liquidity, primary capital and digital asset markets solutions – which we believe are all opportunities to disrupt and enhance the solutions available to large financial audiences. During the fiscal third quarter, we also closed our first primary capital transaction and are seeking additional opportunities.
“A complementary part of our plan is the proposed acquisition of Mercantile Bank International Corp. (“Mercantile Bank”), a Puerto Rico-based International Financial Entity, which is expected to enable Ben to offer an expanded range of digital asset market solutions and companion custody, clearing and control account fee-based services. We intend to drive new growth opportunities in calendar 2025, which we believe have the potential to generate above market fee rates. These efforts are expected to further build out our expansive model and enable the Company to benefit from a growing range of trust, custody and other services we provide as well as the underlying performance of the private equity assets held in trust.
“Additionally, we are pleased to have continued to strengthen our capital structure, increasing our permanent equity by $35 million through a re-designation of certain preferred equity. Furthermore, we executed an agreement to complete additional transactions designed to revise the liquidation priority of Beneficient Company Holdings, L.P. (“BCH”) and deliver other benefits to our public company stockholders provided by entities controlled by our founders, which are expected to become increasingly visible as the Company enters into more liquidity and primary capital transactions.”
Third Quarter Fiscal 2025 and Recent Highlights (for the quarter ended December 31, 2024 or as noted):
Loan Portfolio
As a result of executing on our business plan of providing financing for liquidity, or early investment exits, for alternative asset marketplace participants, Ben organically develops a balance sheet comprised largely of loans collateralized by a well- diversified alternative asset portfolio that is expected to grow as Ben successfully executes on its core business.
Ben’s balance sheet strategy for ExAlt Loan origination is built on the theory of the portfolio endowment model for the fiduciary financings we make by utilizing our patent-pending computer implemented technologies branded as OptimumAlt. Our OptimumAlt endowment model balance sheet approach guides diversification of our fiduciary financings across seven asset classes of alternative assets, over 11 industry sectors in which alternative asset managers invest, and at least six countrywide exposures and multiple vintages of dates of investment into the private funds and companies.
As of December 31, 2024, Ben’s loan portfolio was supported by a highly diversified alternative asset collateral portfolio providing diversification across approximately 220 private market funds and approximately 750 investments across various asset classes, industry sectors and geographies. This portfolio includes exposure to some of the most exciting, sought after private company names worldwide, such as the largest private space exploration company, an innovative software and payment systems provider, a venture capital firm investing in waste-to-energy and clean energy technologies, a technology company providing Net Zero solutions in the production of advanced biofuels, a designer and manufacturer of shaving products, a large online store for women’s clothes and other fashionable accessories that has announced intentions to go public, a mobile banking services provider, and others.
Figure 1: Portfolio Diversification
Diversification Using Principal Loan Balance, Net of Allowance for Credit Losses
As of December 31, 2024, the charts below present the ExAlt Loan portfolio’s relative exposure by certain characteristics (percentages determined by aggregate fiduciary ExAlt Loan portfolio principal balance net of allowance for credit losses, which includes the exposure to interests in certain of our former affiliates composing part of the Fiduciary Loan Portfolio).
As of December 31, 2024. Represents the characteristics of professionally managed funds and investments in the Collateral (defined as follows) portfolio. The Collateral for the ExAlt Loans in the loan portfolio is comprised of a diverse portfolio of direct and indirect interests (through various investment vehicles, including, limited partnership interests and private and public equity and debt securities, which include our and our affiliates’ or our former affiliates’ securities), primarily in third-party, professionally managed private funds and investments. Loan balances usedto calculate the percentages reported in the pie charts are loan balances net of any allowance for credit losses, and as ofDecember 31, 2024, the total allowance for credit losses was$325 million, for a total gross loan balance of$586 millionand a loan balance net of allowance for credit losses of$261 million.
Business Segments: Third Quarter Fiscal 2025
Ben Liquidity
Ben Liquidity offers simple, rapid and cost-effective liquidity products through the use of our proprietary financing and trust structure, or the “Customer ExAlt Trusts,” which facilitate the exchange of a customer’s alternative assets for consideration.
Ben Custody
Ben Custody provides full-service trust and custody administration services to the trustees of certain of the Customer ExAlt Trusts, which own the exchanged alternative assets following liquidity transactions in exchange for fees payable quarterly calculated as a percentage of assets in custody.
Business Segments: Through Nine Months Ended Fiscal 2025
Ben Liquidity
Ben Custody
Capital and Liquidity
(1) Represents a non-GAAP financial measure. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.
Board Update
On November 21, 2024, Karen Wendel was appointed to the Board as an independent director and a member of various committees, including the Audit committee of the Board, bringing substantial additional expertise in Cyber Security, Identity Solutions, Security Regulations, ISO Global Standards, e-Commerce, e-Healthcare, PKI Digital Certificates and Blockchain to Beneficient. Ms. Wendel serves as Founder and Chief Executive Officer of Trust Chains, a cybersecurity consulting firm, and previously served as the Chief Executive Officer and board member of IdenTrust, a global identity solutions company, from May 2003 to February 2016. Ms. Wendel has also served as Chief Executive Officer and a board member for eFinance Corporation, as a board member and audit committee member of Level Field Capital, a Nasdaq-traded special purpose acquisition company, as a partner at the Capital Markets Company (CAPCO), a Belgium-based consulting firm, and is the former head of the U.S. Financial Services Practice at Gemini Consulting. Ms. Wendel is an author on financial management, payments and supply chain integration; an advisor to U.S. government agencies and the European Union on emerging technologies for payments and transaction processing; and a keynote speaker at major international banking conferences.
Consolidated Fiscal Third Quarter Results
Table 1 below presents a summary of selected unaudited consolidated operating financial information.
| Consolidated Fiscal Third Quarter Results ($ in thousands, except share and per share amounts) |
Fiscal 3Q25 December 31, 2024 |
Fiscal 2Q25 September 30, 2024 |
Fiscal 3Q24 December 31, 2023 |
Change % vs. Prior Quarter |
YTD Fiscal 2025 |
YTD Fiscal 2024 |
Change % vs. Prior YTD |
|||||||||||
| GAAP Revenues | $ | 4,419 | $ | 8,561 | $ | (10,235 | ) | (48.4)% | $ | 23,026 | $ | (55,739 | ) | NM | ||||
| Adjusted Revenues(1) | 4,427 | 8,734 | 8,456 | (49.3)% | 23,572 | 8,478 | NM | |||||||||||
| GAAP Operating Income (Loss) | (9,513 | ) | (13,715 | ) | (915,951 | ) | 30.6% | 21,110 | (2,453,685 | ) | NM | |||||||
| Adjusted Operating Loss(1) | (7,301 | ) | (6,611 | ) | (11,684 | ) | (10.4)% | (18,638 | ) | (57,374 | ) | 67.5% | ||||||
| Basic Class A EPS | $ | (1.32 | ) | $ | 2.98 | $ | (158.36 | ) | NM | $ | 10.30 | $ | (668.31 | ) | NM | |||
| Diluted Class A EPS | $ | (1.32 | ) | $ | 0.03 | $ | (158.36 | ) | NM | $ | 0.12 | $ | (668.31 | ) | NM | |||
| Segment Revenues attributable to Ben’s Equity Holders(2) | 16,621 | 16,626 | 17,961 | —% | 49,482 | 53,715 | (7.9)% | |||||||||||
| Adjusted Segment Revenues attributable to Ben’s Equity Holders (1)(2) | 16,621 | 16,626 | 18,146 | —% | 49,489 | 55,059 | (10.1)% | |||||||||||
| Segment Operating Income (Loss) attributable to Ben’s Equity Holders | (8,281 | ) | (9,192 | ) | (894,617 | ) | 9.9% | 27,391 | (2,414,893 | ) | NM | |||||||
| Adjusted Segment Operating Loss attributable to Ben’s Equity Holders(1)(2) | $ | (4,737 | ) | $ | (2,261 | ) | $ | (4,594 | ) | NM | $ | (11,551 | ) | $ | (37,583 | ) | 69.3% | |
NM – Not meaningful.
(1) Adjusted Revenues, Adjusted Operating Loss, Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Loss attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.
(2) Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.
Table 2 below presents a summary of selected unaudited consolidated balance sheet information.
| Consolidated Fiscal Third Quarter Results ($ in thousands) |
Fiscal 3Q25 As of December 31, 2024 |
Fiscal 4Q24 As of March 31, 2024 |
Change % | ||||
| Investments, at Fair Value | $ | 334,278 | $ | 329,119 | 1.6% | ||
| All Other Assets | 52,720 | 22,676 | 132.5% | ||||
| Goodwill and Intangible Assets, Net | 13,014 | 16,706 | (22.1)% | ||||
| Total Assets | $ | 400,012 | $ | 368,501 | 8.6% | ||
Business Segment Information Attributable to Ben’s Equity Holders(1)
Table 3 below presents unaudited segment revenues and segment operating income (loss) for business segments attributable to Ben’s equity holders.
| Segment Revenues Attributable to Ben’s Equity Holders(1) ($ in thousands) |
Fiscal 3Q25 December 31, 2024 |
Fiscal 2Q25 September 30, 2024 |
Fiscal 3Q24 December 31, 2023 |
Change % vs. Prior Quarter |
YTD Fiscal 2025 |
YTD Fiscal 2024 |
Change % vs. Prior YTD |
||||||||||
| Ben Liquidity | $ | 11,297 | $ | 11,978 | $ | 11,275 | (5.7)% | $ | 34,124 | $ | 36,303 | (6.0)% | |||||
| Ben Custody | 5,410 | 5,386 | 5,897 | 0.4% | 16,178 | 18,961 | (14.7)% | ||||||||||
| Corporate & Other | (86 | ) | (738 | ) | 789 | 88.3% | (820 | ) | (1,549 | ) | 47.1% | ||||||
| Total Segment Revenues Attributable to Ben’s Equity Holders(1) | $ | 16,621 | $ | 16,626 | $ | 17,961 | —% | $ | 49,482 | $ | 53,715 | (7.9)% | |||||
| Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1) ($ in thousands) |
Fiscal 3Q25 December 31, 2024 |
Fiscal 2Q25 September 30, 2024 |
Fiscal 3Q24 December 31, 2023 |
Change % vs. Prior Quarter |
YTD Fiscal 2025 |
YTD Fiscal 2024 |
Change % vs. Prior YTD |
|||||||||||
| Ben Liquidity | $ | (2,853 | ) | $ | 2,905 | $ | (606,405 | ) | NM | $ | (462 | ) | $ | (1,781,521 | ) | 100.0% | ||
| Ben Custody | 3,507 | 4,329 | (267,995 | ) | (19.0)% | 9,123 | (538,840 | ) | NM | |||||||||
| Corporate & Other | (8,935 | ) | (16,426 | ) | (20,217 | ) | 45.6% | 18,730 | (94,532 | ) | NM | |||||||
| Total Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1) | $ | (8,281 | ) | $ | (9,192 | ) | $ | (894,617 | ) | 9.9% | $ | 27,391 | $ | (2,414,893 | ) | NM | ||
NM – Not meaningful.
(1) Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.
Adjusted Business Segment Information Attributable to Ben’s Equity Holders(2)
Table 4 below presents unaudited adjusted segment revenue and adjusted segment operating income (loss) for business segments attributable to Ben’s equity holders.
| Adjusted Segment Revenues Attributable to Ben’s Equity Holders(1)(2) ($ in thousands) |
Fiscal 3Q25 December 31, 2024 |
Fiscal 2Q25 September 30, 2024 |
Fiscal 3Q24 December 31, 2023 |
Change % vs. Prior Quarter |
YTD Fiscal 2025 |
YTD Fiscal 2024 |
Change % vs. Prior YTD |
||||||||||
| Ben Liquidity | $ | 11,297 | $ | 11,978 | $ | 11,275 | (5.7)% | $ | 34,124 | $ | 36,303 | (6.0)% | |||||
| Ben Custody | 5,410 | 5,386 | 5,897 | 0.4% | 16,178 | 18,961 | (14.7)% | ||||||||||
| Corporate & Other | (86 | ) | (738 | ) | 974 | 88.3% | (813 | ) | (205 | ) | NM | ||||||
| Total Adjusted Segment Revenues Attributable to Ben’s Equity Holders(1)(2) | $ | 16,621 | $ | 16,626 | $ | 18,146 | —% | $ | 49,489 | $ | 55,059 | (10.1)% | |||||
| Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)(2) ($ in thousands) |
Fiscal 3Q25 December 31, 2024 |
Fiscal 2Q25 September 30, 2024 |
Fiscal 3Q24 December 31, 2023 |
Change % vs. Prior Quarter |
YTD Fiscal 2025 |
YTD Fiscal 2024 |
Change % vs. Prior YTD |
|||||||||||
| Ben Liquidity | $ | (2,853 | ) | $ | 2,905 | $ | 2,525 | NM | $ | (457 | ) | $ | (11,769 | ) | 96.1% | |||
| Ben Custody | 4,847 | 4,627 | 4,835 | 4.8% | 13,890 | 15,767 | (11.9)% | |||||||||||
| Corporate & Other | (6,731 | ) | (9,793 | ) | (11,954 | ) | 31.3% | (24,984 | ) | (41,581 | ) | 39.9% | ||||||
| Total Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)(2) | $ | (4,737 | ) | $ | (2,261 | ) | $ | (4,594 | ) | NM | $ | (11,551 | ) | $ | (37,583 | ) | 69.3% | |
NM – Not meaningful.
(1) Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.
(2) Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.
Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income (Loss) Attributable to Ben Common Shareholders
Table 5 below presents reconciliation of operating income (loss) by business segment attributable to Ben’s Equity Holders to net income (loss) attributable to Ben common shareholders.
| Reconciliation of Business Segments to Net Income (Loss) to Ben Common Shareholders ($ in thousands) |
Fiscal 3Q25 December 31, 2024 |
Fiscal 2Q25 September 30, 2024 |
Fiscal 3Q24 December 31, 2023 |
YTD Fiscal 2025 |
YTD Fiscal 2024 |
|||||||||||
| Ben Liquidity | $ | (2,853 | ) | $ | 2,905 | $ | (606,405 | ) | $ | (462 | ) | $ | (1,781,521 | ) | ||
| Ben Custody | 3,507 | 4,329 | (267,995 | ) | 9,123 | (538,840 | ) | |||||||||
| Corporate & Other | (8,935 | ) | (16,426 | ) | (20,217 | ) | 18,730 | (94,532 | ) | |||||||
| Loss on debt extinguishment, net (intersegment elimination) | — | — | (3,940 | ) | — | (3,940 | ) | |||||||||
| Gain on liability resolution | — | 23,462 | — | 23,462 | — | |||||||||||
| Income tax expense (allocable to Ben and BCH equity holders) | (713 | ) | — | (75 | ) | (741 | ) | (75 | ) | |||||||
| Net loss attributable to noncontrolling interests – Ben | 4,844 | 3,067 | 360,695 | 15,098 | 401,985 | |||||||||||
| Noncontrolling interest guaranteed payment | (4,489 | ) | (4,423 | ) | (4,229 | ) | (13,268 | ) | (12,501 | ) | ||||||
| Net income (loss) attributable to Ben’s common shareholders | $ | (8,639 | ) | $ | 12,914 | $ | (542,166 | ) | $ | 51,942 | $ | (2,029,424 | ) | |||
Earnings Webcast
Beneficient will host a webcast and conference call to review its third quarter financial results on February 13, 2025, at 8:30 am Eastern Standard Time. The webcast will be available via live webcast from the Investor Relations section of the Company’s website at https://shareholders.trustben.com under Events.
Replay
The webcast will be archived on the Company’s website in the investor relations section for replay for at least one year.
About Beneficent
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.
Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.
For more information, visit www.trustben.com or follow us on LinkedIn.
Contacts
Investors:
Matt Kreps/214-597-8200/mkreps@darrowir.com
Michael Wetherington/214-284-1199/mwetherington@darrowir.com
investors@beneficient.com
Important Information and Where You Can Find It
This press release may be deemed to be solicitation material in respect of a vote of stockholders to approve an amendment to Ben’s articles of incorporation to increase the authorized shares of Class B Common Stock of Ben and the issuance of securities pursuant to the transactions to revise the liquidation priority of BCH (the “Transactions”). In connection with the requisite stockholder approval, Ben will file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement, which will be sent to the stockholders of Ben, seeking such approvals related to the Transactions.
INVESTORS AND SECURITY HOLDERS OF BEN AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BEN AND THE TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement, as well as other relevant documents filed with the SEC containing information about Ben, without charge, at the SEC’s website (http://www.sec.gov). Copies of documents filed with the SEC by Ben can also be obtained, without charge, by directing a request to Investor Relations, Beneficient, 325 North St. Paul Street, Suite 4850, Dallas, Texas 75201, or email investors@beneficient.com.
Participants in the Solicitation of Proxies in Connection with Transaction
Ben and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the requisite stockholder approvals under the rules of the SEC. Information regarding Ben’s directors and executive officers is available in its annual report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on July 9, 2024 and certain current reports on Form 8-K filed by Ben. Other information regarding the participants in the solicitation of proxies with respect to the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.
Not an Offer of Securities
The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the Transactions have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to, among other things, demand for our solutions in the alternative asset industry, opportunities for market growth, statements regarding the proposed Transactions, including expectations of future plans, strategies, and benefits of the Transactions, statements regarding the proposed Mercantile Bank acquisition and estimates regarding future synergies and benefits, our ability to expand the range of digital asset market solutions, and companion custody clearing and control account fee-based services as a result of the proposed Mercantile Bank acquisition, our ability to identify and negotiate transactions, diversification and size of our loan portfolio and our ability to scale operations and provide shareholder value. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the ultimate outcome of the Transactions; the Company’s ability to consummate the Transactions; the ability of the Company to satisfy the closing conditions set forth in the agreement with respect to the Transactions, including obtaining the requisite vote of securityholders; the Company’s ability to meet expectations regarding the timing and completion of the Transactions, the ultimate outcome of the proposed Mercantile Bank acquisition; the Company’s ability to consummate the proposed Mercantile Bank acquisition in a timely manner or at all; the ability of the parties to satisfy the closing conditions to the acquisition; the possibility that the Company may be unable to successfully integrate Mercantile Bank’s operations with those of the Company or realize the expected benefits of the acquisition; the possibility that such integration may be more difficult, time-consuming, or costly than expected; the risk that operating costs, customer loss, and business disruption (including, without limitation, difficulties in maintaining relationships with employees, contractors, and customers) may be greater than expected following the acquisition or the public announcement of the acquisition; the Company’s ability to retain certain key employees of Mercantile Bank; the ability to launch and receive market acceptance for new products and services; risks related to the entry into a new line of business in connection with the proposed Mercantile Bank acquisition, and the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
Table 6: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
| Three Months Ended December 31, |
Nine Months Ended December 31, |
||||||||||||||
| (Dollars in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenues | |||||||||||||||
| Investment income, net | $ | 4,742 | $ | 7,448 | $ | 24,311 | $ | 7,935 | |||||||
| Loss on financial instruments, net (related party of $(8), $(18,691), $(546) and $(64,217), respectively) | (523 | ) | (18,024 | ) | (1,885 | ) | (64,260 | ) | |||||||
| Interest and dividend income | 10 | 118 | 34 | 348 | |||||||||||
| Trust services and administration revenues (related party of $8, $8, $23 and $23, respectively) | 188 | 158 | 564 | 173 | |||||||||||
| Other income | 2 | 65 | 2 | 65 | |||||||||||
| Total revenues | 4,419 | (10,235 | ) | 23,026 | (55,739 | ) | |||||||||
| Operating expenses | |||||||||||||||
| Employee compensation and benefits | 2,929 | 7,340 | 13,914 | 58,561 | |||||||||||
| Interest expense (related party of $3,140, $3,018, $9,330 and $5,843, respectively) | 3,240 | 4,671 | 11,848 | 13,569 | |||||||||||
| Professional services | 5,083 | 4,970 | 17,884 | 22,000 | |||||||||||
| Provision for credit losses | — | — | 1,000 | — | |||||||||||
| Loss on impairment of goodwill | — | 883,223 | 3,692 | 2,286,212 | |||||||||||
| Release of loss contingency related to arbitration award | — | — | (54,973 | ) | — | ||||||||||
| Other expenses (related party of $723, $2,096, $2,111 and $6,317, respectively) | 2,680 | 5,512 | 8,551 | 17,604 | |||||||||||
| Total operating expenses | 13,932 | 905,716 | 1,916 | 2,397,946 | |||||||||||
| Operating income (loss) | (9,513 | ) | (915,951 | ) | 21,110 | (2,453,685 | ) | ||||||||
| (Gain) loss on liability resolution | — | — | (23,462 | ) | — | ||||||||||
| Loss on extinguishment of debt, net | — | 8,846 | — | 8,846 | |||||||||||
| Net income (loss) before income taxes | (9,513 | ) | (924,797 | ) | 44,572 | (2,462,531 | ) | ||||||||
| Income tax expense | 713 | 75 | 741 | 75 | |||||||||||
| Net income (loss) | (10,226 | ) | (924,872 | ) | 43,831 | (2,462,606 | ) | ||||||||
| Plus: Net loss attributable to noncontrolling interests – Customer ExAlt Trusts | 1,232 | 26,240 | 6,281 | 43,698 | |||||||||||
| Plus: Net loss attributable to noncontrolling interests – Ben | 4,844 | 360,695 | 15,098 | 401,985 | |||||||||||
| Less: Noncontrolling interest guaranteed payment | (4,489 | ) | (4,229 | ) | (13,268 | ) | (12,501 | ) | |||||||
| Net income (loss) attributable to Beneficient common shareholders | $ | (8,639 | ) | $ | (542,166 | ) | $ | 51,942 | $ | (2,029,424 | ) | ||||
| Other comprehensive income (loss): | |||||||||||||||
| Unrealized (loss) gain on investments in available-for-sale debt securities | (120 | ) | 51 | (115 | ) | 4,236 | |||||||||
| Total comprehensive income (loss) | (8,759 | ) | (542,115 | ) | 51,827 | (2,025,188 | ) | ||||||||
| Less: comprehensive (loss) gain attributable to noncontrolling interests | (120 | ) | 51 | (115 | ) | 4,236 | |||||||||
| Total comprehensive income (loss) attributable to Beneficient | $ | (8,639 | ) | $ | (542,166 | ) | $ | 51,942 | $ | (2,029,424 | ) | ||||
| Net income (loss) per common share | |||||||||||||||
| Class A – basic | $ | (1.32 | ) | $ | (158.36 | ) | $ | 10.30 | $ | (668.31 | ) | ||||
| Class B – basic | $ | (1.02 | ) | $ | (156.95 | ) | $ | 13.78 | $ | (587.49 | ) | ||||
| Net income (loss) per common share | |||||||||||||||
| Class A – diluted | $ | (1.32 | ) | $ | (158.36 | ) | $ | 0.12 | $ | (668.31 | ) | ||||
| Class B – diluted | $ | (1.02 | ) | $ | (156.95 | ) | $ | 0.12 | $ | (587.49 | ) | ||||
Table 7: CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
| December 31, 2024 | March 31, 2024 | ||||||
| (Dollars and shares in thousands) | (unaudited) | ||||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 4,149 | $ | 7,913 | |||
| Restricted cash | 52 | 64 | |||||
| Investments, at fair value: | |||||||
| Investments held by Customer ExAlt Trusts (related party of $12 and $552) | 334,278 | 329,113 | |||||
| Investments held by Ben (related party of nil and $6) | — | 6 | |||||
| Other assets, net | 48,519 | 14,699 | |||||
| Intangible assets | 3,100 | 3,100 | |||||
| Goodwill | 9,914 | 13,606 | |||||
| Total assets | $ | 400,012 | $ | 368,501 | |||
| LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT) | |||||||
| Accounts payable and accrued expenses (related party of $14,294 and $14,143) | $ | 149,204 | $ | 157,157 | |||
| Other liabilities (related party of $16,798 and $9,740) | 22,433 | 31,727 | |||||
| Warrants liability | 648 | 178 | |||||
| Convertible debt | 2,667 | — | |||||
| Debt due to related parties | 120,274 | 120,505 | |||||
| Total liabilities | 295,226 | 309,567 | |||||
| Redeemable noncontrolling interests | |||||||
| Preferred Series A Subclass 0 Redeemable Unit Accounts, nonunitized | 90,526 | 251,052 | |||||
| Total temporary equity | 90,526 | 251,052 | |||||
| Shareholder’s equity (deficit): | |||||||
| Preferred stock, par value $0.001 per share, 250,000 shares authorized | |||||||
| Series A preferred stock, 0 and 0 shares issued and outstanding as of December 31, 2024 and March 31, 2024 | — | — | |||||
| Series B preferred stock, 363 and 227 shares issued and outstanding as of December 31, 2024 and March 31, 2024 | — | — | |||||
| Class A common stock, par value $0.001 per share, 5,000,000 and 18,750(1) shares authorized as of December 31, 2024 and March 31, 2024, respectively, 8,246 and 3,348 shares issued as of December 31, 2024 and March 31, 2024, respectively, and 8,237 and 3,339 shares outstanding as of December 31, 2024 and March 31, 2024, respectively | 8 | 3 | |||||
| Class B convertible common stock, par value $0.001 per share, 250(1) shares authorized, 239 and 239 shares issued and outstanding as of December 31, 2024 and March 31, 2024 | — | — | |||||
| Additional paid-in capital | 1,843,911 | 1,848,068 | |||||
| Accumulated deficit | (2,007,272 | ) | (2,059,214 | ) | |||
| Stock receivable | — | (20,038 | ) | ||||
| Treasury stock, at cost (9 shares as of December 31, 2024 and March 31, 2024) | (3,444 | ) | (3,444 | ) | |||
| Accumulated other comprehensive income | 161 | 276 | |||||
| Noncontrolling interests | 180,896 | 42,231 | |||||
| Total equity (deficit) | 14,260 | (192,118 | ) | ||||
| Total liabilities, temporary equity, and equity (deficit) | $ | 400,012 | $ | 368,501 | |||
(1) Number has been adjusted to reflect 1-for-80 reverse stock split on April 18, 2024. See Note 1 – Summary of Significant Accounting Policies – Reverse Stock Split to the consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on July 9, 2024, for additional information.
Table 8: Non-GAAP Reconciliations
| (in thousands) | Three Months Ended December 31, 2024 | |||||||||||||||||
| Ben Liquidity |
Ben Custody |
Customer ExAlt Trusts |
Corporate/ Other |
Consolidating Eliminations |
Consolidated | |||||||||||||
| Total revenues | $ | 11,297 | $ | 5,410 | $ | 4,317 | $ | (86 | ) | $ | (16,519 | ) | $ | 4,419 | ||||
| Mark to market adjustment on interests in the GWG Wind Down Trust | — | — | 8 | — | — | 8 | ||||||||||||
| Adjusted revenues | $ | 11,297 | $ | 5,410 | $ | 4,325 | $ | (86 | ) | $ | (16,519 | ) | $ | 4,427 | ||||
| Operating income (loss) | $ | (2,853 | ) | $ | 3,507 | $ | (35,544 | ) | $ | (8,935 | ) | $ | 34,312 | $ | (9,513 | ) | ||
| Mark to market adjustment on interests in the GWG Wind Down Trust | — | — | 8 | — | — | 8 | ||||||||||||
| Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust | — | 1,340 | — | — | (1,340 | ) | — | |||||||||||
| Goodwill impairment | — | — | — | — | — | — | ||||||||||||
| Release of loss contingency related to arbitration award | — | — | — | — | — | — | ||||||||||||
| Share-based compensation expense | — | — | — | 804 | — | 804 | ||||||||||||
| Legal and professional fees(1) | — | — | — | 1,400 | — | 1,400 | ||||||||||||
| Adjusted operating income (loss) | $ | (2,853 | ) | $ | 4,847 | $ | (35,536 | ) | $ | (6,731 | ) | $ | 32,972 | $ | (7,301 | ) | ||
(1) Includes legal and professional fees related lawsuits.
| (in thousands) | Three Months Ended September 30, 2024 | ||||||||||||||||
| Ben Liquidity |
Ben Custody |
Customer ExAlt Trusts |
Corporate/ Other |
Consolidating Eliminations |
Consolidated | ||||||||||||
| Total revenues | $ | 11,978 | $ | 5,386 | $ | 9,112 | $ | (738 | ) | $ | (17,177 | ) | $ | 8,561 | |||
| Mark to market adjustment on interests in the GWG Wind Down Trust | — | — | 173 | — | — | 173 | |||||||||||
| Adjusted revenues | $ | 11,978 | $ | 5,386 | $ | 9,285 | $ | (738 | ) | $ | (17,177 | ) | $ | 8,734 | |||
| Operating income (loss) | $ | 2,905 | $ | 4,329 | $ | (31,549 | ) | $ | (16,426 | ) | $ | 27,026 | $ | (13,715 | ) | ||
| Mark to market adjustment on interests in the GWG Wind Down Trust | — | — | 173 | — | — | 173 | |||||||||||
| Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust | — | — | — | — | — | — | |||||||||||
| Goodwill impairment | — | 298 | — | — | — | 298 | |||||||||||
| Release of loss contingency related to arbitration award | — | — | — | — | — | — | |||||||||||
| Share-based compensation expense | — | — | — | 3,364 | — | 3,364 | |||||||||||
| Legal and professional fees(1) | — | — | — | 3,269 | — | 3,269 | |||||||||||
| Adjusted operating income (loss) | $ | 2,905 | $ | 4,627 | $ | (31,376 | ) | $ | (9,793 | ) | $ | 27,026 | $ | (6,611 | ) | ||
(1) Includes legal and professional fees related to lawsuits.
| (in thousands) | Three Months Ended December 31, 2023 | |||||||||||||||||||||||
| Ben Liquidity |
Ben Custody |
Customer ExAlt Trusts |
Corporate/ Other |
Consolidating Eliminations |
Consolidated | |||||||||||||||||||
| Total revenues | $ | 11,275 | $ | 5,897 | $ | (11,182 | ) | $ | 789 | $ | (17,014 | ) | $ | (10,235 | ) | |||||||||
| Mark to market adjustment on interests in the GWG Wind Down Trust | — | — | 18,506 | 185 | — | 18,691 | ||||||||||||||||||
| Adjusted revenues | $ | 11,275 | $ | 5,897 | $ | 7,324 | $ | 974 | $ | (17,014 | ) | $ | 8,456 | |||||||||||
| Operating income (loss) | $ | (606,405 | ) | $ | (267,995 | ) | $ | (49,363 | ) | $ | (20,217 | ) | $ | 28,029 | $ | (915,951 | ) | |||||||
| Mark to market adjustment on interests in the GWG Wind Down Trust | — | — | 18,506 | 185 | — | 18,691 | ||||||||||||||||||
| Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust | 4,262 | — | — | — | (4,262 | ) | — | |||||||||||||||||
| Goodwill impairment | 604,668 | 272,830 | — | 5,725 | — | 883,223 | ||||||||||||||||||
| Loss on arbitration | — | — | — | — | — | — | ||||||||||||||||||
| Share-based compensation expense | — | — | — | 2,026 | — | 2,026 | ||||||||||||||||||
| Legal and professional fees(1) | — | — | — | 327 | — | 327 | ||||||||||||||||||
| Adjusted operating income (loss) | $ | 2,525 | $ | 4,835 | $ | (30,857 | ) | $ | (11,954 | ) | $ | 23,767 | $ | (11,684 | ) | |||||||||
(1) Includes legal and professional fees related to lawsuits.
| (in thousands) | Nine Months Ended December 31, 2024 | ||||||||||||||||||||||
| Ben Liquidity |
Ben Custody |
Customer ExAlt Trusts |
Corporate/ Other |
Consolidating Eliminations |
Consolidated | ||||||||||||||||||
| Total revenues | $ | 34,124 | $ | 16,178 | $ | 23,282 | $ | (820 | ) | $ | (49,738 | ) | $ | 23,026 | |||||||||
| Mark to market adjustment on interests in the GWG Wind Down Trust | — | — | 539 | 7 | — | 546 | |||||||||||||||||
| Adjusted revenues | $ | 34,124 | $ | 16,178 | $ | 23,821 | $ | (813 | ) | $ | (49,738 | ) | $ | 23,572 | |||||||||
| Operating income (loss) | $ | (462 | ) | $ | 9,123 | $ | (96,722 | ) | $ | 18,730 | $ | 90,441 | $ | 21,110 | |||||||||
| Mark to market adjustment on interests in the GWG Wind Down Trust | — | — | 539 | 7 | — | 546 | |||||||||||||||||
| Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust | 5 | 1,340 | — | — | (1,345 | ) | — | ||||||||||||||||
| Goodwill impairment | — | 3,427 | — | 265 | — | 3,692 | |||||||||||||||||
| Release of loss contingency related to arbitration award | — | — | — | (54,973 | ) | — | (54,973 | ) | |||||||||||||||
| Share-based compensation expense | — | — | — | 5,162 | — | 5,162 | |||||||||||||||||
| Legal and professional fees(1) | — | — | — | 5,825 | — | 5,825 | |||||||||||||||||
| Adjusted operating income (loss) | $ | (457 | ) | $ | 13,890 | $ | (96,183 | ) | $ | (24,984 | ) | $ | 89,096 | $ | (18,638 | ) | |||||||
(1) Includes legal and professional fees related to lawsuits.
| (in thousands) | Nine Months Ended December 31, 2023 | |||||||||||||||||||||||
| Ben Liquidity |
Ben Custody |
Customer ExAlt Trusts |
Corporate/ Other |
Consolidating Eliminations |
Consolidated | |||||||||||||||||||
| Total revenues | $ | 36,303 | $ | 18,961 | $ | (54,363 | ) | $ | (1,549 | ) | $ | (55,091 | ) | $ | (55,739 | ) | ||||||||
| Mark to market adjustment on interests in the GWG Wind Down Trust | — | — | 62,873 | 1,344 | — | 64,217 | ||||||||||||||||||
| Adjusted revenues | $ | 36,303 | $ | 18,961 | $ | 8,510 | $ | (205 | ) | $ | (55,091 | ) | $ | 8,478 | ||||||||||
| Operating income (loss) | $ | (1,781,521 | ) | $ | (538,840 | ) | $ | (166,051 | ) | $ | (94,532 | ) | $ | 127,259 | $ | (2,453,685 | ) | |||||||
| Mark to market adjustment on interests in the GWG Wind Down Trust | — | — | 62,873 | 1,344 | — | 64,217 | ||||||||||||||||||
| Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust | 43,872 | — | — | — | (43,872 | ) | — | |||||||||||||||||
| Goodwill impairment | 1,725,880 | 554,607 | — | 5,725 | — | 2,286,212 | ||||||||||||||||||
| Loss on arbitration | — | — | — | — | — | — | ||||||||||||||||||
| Share-based compensation expense | — | — | — | 37,530 | — | 37,530 | ||||||||||||||||||
| Legal and professional fees(1) | — | — | — | 8,352 | — | 8,352 | ||||||||||||||||||
| Adjusted operating income (loss) | $ | (11,769 | ) | $ | 15,767 | $ | (103,178 | ) | $ | (41,581 | ) | $ | 83,387 | $ | (57,374 | ) | ||||||||
(1) Includes legal and professional fees related to GWG Holdings bankruptcy, lawsuits, public relations, and employee matters.
| Three Months Ended December 31, |
Nine Months Ended December 31, |
|||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Operating Expenses Non GAAP Reconciliation | ||||||||||||||
| Operating expenses | $ | 13,932 | $ | 905,716 | $ | 1,916 | $ | 2,397,946 | ||||||
| Plus: Release of loss contingency related to arbitration award | — | — | 54,973 | — | ||||||||||
| Less: Goodwill impairment | — | (883,223 | ) | (3,692 | ) | (2,286,212 | ) | |||||||
| Operating expenses, excluding goodwill impairment and release of loss contingency related to arbitration award | $ | 13,932 | $ | 22,493 | $ | 53,197 | $ | 111,734 | ||||||
The below table reconciles the non-GAAP financial measures of tangible book value and tangible book value to Ben’s public stockholders to the most comparable GAAP financial measures as of December 31, 2024 on an actual basis and pro forma assuming the transactions described in our Form 8-K filed on December 23, 2024 occurred on December 31, 2024.
| Actual and Pro Forma (a) |
Actual | Pro forma (a) | |||||||||||
| Tangible Book Value | Tangible book value attributable to Ben’s public company stockholders | ||||||||||||
| Total equity (deficit) | $ | 14,260 | Tangible book value | $ | 91,772 | $ | 91,772 | ||||||
| Less: Goodwill and intangible assets | (13,014 | ) | Less: Tangible book value attributable to Beneficient Holdings noncontrolling interest holders | (91,772 | ) | (82,595 | ) | ||||||
| Plus: Total temporary equity | 90,526 | Tangible book value attributable to Ben’s public company stockholders | — | 9,177 | |||||||||
| Tangible book value | $ | 91,772 | |||||||||||
(a) Assumes the transactions described in our Form 8-K filed on December 23, 2024 closed on December 31, 2024 including that the BCH limited partnership agreement was amended to provide that Beneficient, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of BCH, would receive in the event of a liquidation of BCH (i) 10% of the first $100 million of distributions of BCH following the satisfaction of the debts and liabilities of BCH on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.
Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. We present these non-GAAP financial measures because we believe it helps investors understand underlying trends in our business and facilitates an understanding of our operating performance from period to period because it facilitates a comparison of our recurring core business operating results. Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders are also non-GAAP financial measures. We present these non-GAAP financial measures because we believe it help investors in analyzing the intrinsic value of the Company, including the proforma impact of the contemplated transactions more fully described in our Form 8-K filed on December 23, 2024. The non-GAAP financial measures are intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, U.S. GAAP. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these non-GAAP financial measures may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate such items in the same way.
We define adjusted revenue as revenue adjusted to exclude the effect of mark-to-market adjustments on related party equity securities that were acquired both prior to and during the Collateral Swap, which on August 1, 2023, became interests in the GWG Wind Down Trust. Adjusted Segment Revenues attributable to Ben’s Equity Holders is the same as “adjusted revenues” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.
Adjusted operating income (loss) represents GAAP operating income (loss), adjusted to exclude the effect of the adjustments to revenue as described above, credit losses on related party available-for-sale debt securities that were acquired in the Collateral Swap which on August 1, 2023, became interests in the GWG Wind Down Trust, and receivables from a related party that filed for bankruptcy and certain notes receivables originated during our formative transactions, non-cash asset impairment, share-based compensation expense, and legal, professional services, and public relations costs related to the GWG Holdings bankruptcy, lawsuits, a defunct product offering, and certain employee matters, including fees & loss contingency accruals (releases) incurred in arbitration with a former director. Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders is the same as “adjusted operating income (loss)” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.
Tangible book value is defined as the sum of total equity (deficit) less goodwill and intangible assets plus total temporary equity. Tangible book value to Ben’s public company stockholders is defined at tangible book value adjusted for the portion of tangible book value that is attributable to Ben’s public company stockholders, which is calculated as tangible book value adjusted for (i) 10% of the first $100 million of distributions of BCH following the satisfaction of the debts and liabilities of BCH on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.
These non-GAAP financial measures are not a measure of performance or liquidity calculated in accordance with U.S. GAAP. They are unaudited and should not be considered an alternative to, or more meaningful than, GAAP revenues or GAAP operating income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in adjusted operating income (loss) or adjusted segment operating income (loss) attributable to Ben’s Equity Holders include capital expenditures, interest payments, debt principal repayments, and other expenses, which can be significant. As a result, adjusted operating income (loss) and/or adjusted segment operating income (loss) attributable to Ben’s Equity Holders should not be considered as a measure of our liquidity.
Because of these limitations, Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders should not be considered in isolation or as a substitute for performance measures calculated in accordance with U.S. GAAP. We compensate for these limitations by relying primarily on our U.S. GAAP results and using Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders on a supplemental basis. You should review the reconciliation of these non-GAAP financial measures set forth above and not rely on any single financial measure to evaluate our business.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09d463d7-9883-4bbf-8a05-3c24ea42846e
Source: GlobeNewswire (MIL-OSI)
CHICAGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter and full-year ended December 31, 2024.
Fourth Quarter 2024 Results
Revenue:
Earnings:
“TransUnion finished the year with strong revenue growth and margin expansion,” said Chris Cartwright, President and CEO. “U.S. Markets grew by high single-digits in the fourth quarter against subdued but stable market conditions, driven by mortgage pricing, improving non-mortgage Financial Services growth and Insurance strength. Our International segment delivered double-digit growth led by India, Asia Pacific and Latin America.”
“In 2025, we expect to deliver 4.5 to 6 percent organic constant currency revenue growth with modest margin expansion, assuming a continuation of current subdued conditions. We remain highly focused on driving strong financial results while executing on our transformation initiatives – refining and strengthening our global operating model; completing U.S. and India technology modernization; and accelerating innovation and growth across our solution suites. We took a key step in reinvigorating Consumer Interactive growth with today’s announcement of our new freemium credit education and monitoring offering, enabled in collaboration with Credit Sesame.”
“Following strong de-levering throughout 2024, we are providing a refreshed capital allocation framework. We are lowering our Leverage Ratio target to under 2.5x, raising our quarterly dividend to $0.115, and announcing a new $500 million share repurchase program. Given the strength of our portfolio and our ongoing transformation, the bar for M&A is high, and we are not seeking large-scale acquisitions. In 2025, we plan to deploy cash for a combination of further debt prepayment, share repurchases and partially funding of the recently announced Trans Union de Mexico acquisition.”
Fourth Quarter 2024 Segment Results
U.S. Markets:
U.S. Markets revenue was $792 million, an increase of 8 percent compared with the fourth quarter of 2023.
Adjusted EBITDA was $312 million, an increase of 16 percent compared to the fourth quarter of 2023.
International:
International revenue was $245 million, an increase of 11 percent (12 percent on a constant currency basis) compared with the fourth quarter of 2023.
Adjusted EBITDA was $107 million, an increase of 11 percent (13 percent on a constant currency basis) compared with the fourth quarter of 2023.
Full Year 2024 Results
Revenue:
Earnings:
Liquidity and Capital Resources
Cash and cash equivalents were $679 million at December 31, 2024 and $476 million at December 31, 2023. For the twelve months ended December 31, 2024, we prepaid $150.0 million of our Senior Secured Term Loans, funded from our cash on hand.
For the year ended December 31, 2024, cash provided by operating activities was $832 million compared with $645 million in 2023. For 2024, the increase in cash provided by operating activities was primarily due to improved operating performance and lower net interest expense, partially offset by employee separation payments and a penalty paid for the early termination of a facility lease, both of which were in connection with our operating model optimization program. For the year ended December 31, 2024, cash used in investing activities was $307 million for 2024 compared with $319 million in 2023. The decrease in cash used in investing activities was primarily due to lower investments in nonconsolidated affiliates. Capital expenditures as a percent of revenue represented 8% for 2024 and 2023. For the year ended December 31, 2024, cash used in financing activities was $309 million compared with $439 million in 2023. The decrease in cash used in financing activities was due primarily to a decrease in debt repayments.
The Company’s Board of Directors has authorized the repurchase of up to $500 million of the Company’s common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, hybrid open market repurchases or an accelerated share repurchase transaction, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The share repurchase authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time. This new share repurchase authorization replaces all previous authorizations.
The Company’s Board of Directors has declared a cash dividend of $0.115 per share for the fourth quarter of 2024. The dividend will be payable on March 14, 2025, to shareholders of record on February 27, 2025.
First Quarter and Full Year 2025 Outlook
Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.
| Three Months Ended March 31, 2025 | Year Ended December 31, 2025 | |||||||||||||||
| (in millions, except per share data) | Low | High | Low | High | ||||||||||||
| Revenue, as reported | $ | 1,060 | $ | 1,074 | $ | 4,333 | $ | 4,393 | ||||||||
| Revenue growth1: | ||||||||||||||||
| As reported | 4 | % | 5 | % | 3.5 | % | 5 | % | ||||||||
| Constant currency1, 2 | 5 | % | 6 | % | 4.5 | % | 6 | % | ||||||||
| Organic constant currency1, 3 | 5 | % | 6 | % | 4.5 | % | 6 | % | ||||||||
| Net income attributable to TransUnion | $ | 71 | $ | 77 | $ | 335 | $ | 362 | ||||||||
| Net income attributable to TransUnion growth | 9 | % | 18 | % | 18 | % | 27 | % | ||||||||
| Net income attributable to TransUnion margin | 6.7 | % | 7.1 | % | 7.7 | % | 8.3 | % | ||||||||
| Diluted Earnings per Share | $ | 0.36 | $ | 0.39 | $ | 1.68 | $ | 1.82 | ||||||||
| Diluted Earnings per Share growth | 7 | % | 16 | % | 16 | % | 26 | % | ||||||||
| Adjusted EBITDA, as reported5 | $ | 376 | $ | 384 | $ | 1,549 | $ | 1,590 | ||||||||
| Adjusted EBITDA growth, as reported4 | 5 | % | 7 | % | 3 | % | 6 | % | ||||||||
| Adjusted EBITDA margin | 35.5 | % | 35.8 | % | 35.8 | % | 36.2 | % | ||||||||
| Adjusted Diluted Earnings per Share5 | $ | 0.96 | $ | 0.99 | $ | 3.93 | $ | 4.08 | ||||||||
| Adjusted Diluted Earnings per Share growth | 4 | % | 8 | % | 1 | % | 4 | % | ||||||||
Earnings Webcast Details
In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business
Availability of Information on TransUnion’s Website
Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.
Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:
There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, to be filed with the SEC in February 2025, and our Annual Report on Form 10-K for the year ended December 31, 2023, as well as our quarterly reports for the quarters ended September 30, 2024, June 30, 2024 and March 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.
The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.
For More Information
E-mail: Investor.Relations@transunion.com
Telephone: 312.985.2860
TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)
| December 31, 2024 |
December 31, 2023 |
||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 679.5 | $ | 476.2 | |||
| Trade accounts receivable, net of allowance of $19.9 and $16.4 | 798.9 | 723.0 | |||||
| Other current assets | 323.4 | 275.9 | |||||
| Total current assets | 1,801.8 | 1,475.1 | |||||
| Property, plant and equipment, net of accumulated depreciation and amortization of $506.3 and $804.4 | 203.5 | 199.3 | |||||
| Goodwill | 5,144.3 | 5,176.0 | |||||
| Other intangibles, net of accumulated amortization of $2,294.5 and $2,719.8 | 3,257.5 | 3,515.3 | |||||
| Other assets | 577.7 | 739.4 | |||||
| Total assets | $ | 10,984.8 | $ | 11,105.1 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Trade accounts payable | $ | 294.6 | $ | 251.3 | |||
| Current portion of long-term debt | 70.6 | 89.6 | |||||
| Other current liabilities | 694.4 | 661.8 | |||||
| Total current liabilities | 1,059.6 | 1,002.7 | |||||
| Long-term debt | 5,076.6 | 5,250.8 | |||||
| Deferred taxes | 415.3 | 592.9 | |||||
| Other liabilities | 114.5 | 153.2 | |||||
| Total liabilities | 6,666.0 | 6,999.6 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of December 31, 2024 and 2023 | — | — | |||||
| Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2024 and December 31, 2023; 201.5 million and 200.0 million shares issued as of December 31, 2024 and December 31, 2023, respectively; and 194.9 million and 193.8 million shares outstanding as of December 31, 2024 and December 31, 2023, respectively | 2.0 | 2.0 | |||||
| Additional paid-in capital | 2,558.9 | 2,412.9 | |||||
| Treasury stock at cost; 6.6 million and 6.2 million shares at December 31, 2024 and December 31, 2023, respectively | (334.6 | ) | (302.9 | ) | |||
| Retained earnings | 2,357.9 | 2,157.1 | |||||
| Accumulated other comprehensive loss | (367.2 | ) | (260.9 | ) | |||
| Total TransUnion stockholders’ equity | 4,217.0 | 4,008.2 | |||||
| Noncontrolling interests | 101.8 | 97.3 | |||||
| Total stockholders’ equity | 4,318.8 | 4,105.5 | |||||
| Total liabilities and stockholders’ equity | $ | 10,984.8 | $ | 11,105.1 | |||
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 1,036.8 | $ | 954.3 | $ | 4,183.8 | $ | 3,831.2 | |||||||
| Operating expenses | |||||||||||||||
| Cost of services (exclusive of depreciation and amortization below) | 411.6 | 380.6 | 1,673.3 | 1,517.3 | |||||||||||
| Selling, general and administrative | 317.2 | 303.9 | 1,239.3 | 1,171.6 | |||||||||||
| Depreciation and amortization | 137.3 | 133.3 | 537.8 | 524.4 | |||||||||||
| Goodwill impairment | — | — | — | 414.0 | |||||||||||
| Restructuring | — | 75.3 | 66.8 | 75.3 | |||||||||||
| Total operating expenses | 866.0 | 893.0 | 3,517.1 | 3,702.7 | |||||||||||
| Operating income | 170.8 | 61.3 | 666.7 | 128.5 | |||||||||||
| Non-operating income and (expense) | |||||||||||||||
| Interest expense | (62.0 | ) | (71.0 | ) | (265.2 | ) | (288.2 | ) | |||||||
| Interest income | 8.6 | 5.7 | 28.5 | 20.7 | |||||||||||
| Earnings from equity method investments | 4.2 | 4.6 | 18.3 | 16.3 | |||||||||||
| Other income and (expense), net | (20.9 | ) | (6.4 | ) | (47.1 | ) | (22.7 | ) | |||||||
| Total non-operating income and (expense) | (70.1 | ) | (67.1 | ) | (265.5 | ) | (273.9 | ) | |||||||
| Income (loss) from continuing operations before income taxes | 100.6 | (5.8 | ) | 401.1 | (145.3 | ) | |||||||||
| Provision for income taxes | (29.9 | ) | 15.4 | (98.8 | ) | (44.7 | ) | ||||||||
| Income (loss) from continuing operations | 70.7 | 9.5 | 302.3 | (190.1 | ) | ||||||||||
| Discontinued operations, net of tax | — | — | — | (0.7 | ) | ||||||||||
| Net income (loss) | 70.7 | 9.5 | 302.3 | (190.8 | ) | ||||||||||
| Less: net income attributable to noncontrolling interests | (4.5 | ) | (3.5 | ) | (18.0 | ) | (15.4 | ) | |||||||
| Net income (loss) attributable to TransUnion | $ | 66.2 | $ | 6.1 | $ | 284.4 | $ | (206.2 | ) | ||||||
| Income (loss) from continuing operations | $ | 70.7 | $ | 9.5 | $ | 302.3 | $ | (190.1 | ) | ||||||
| Less: income from continuing operations attributable to noncontrolling interests | (4.5 | ) | (3.5 | ) | (18.0 | ) | (15.4 | ) | |||||||
| Income (loss) from continuing operations attributable to TransUnion | 66.2 | 6.0 | 284.4 | (205.4 | ) | ||||||||||
| Discontinued operations, net of tax | — | — | — | (0.7 | ) | ||||||||||
| Net income (loss) attributable to TransUnion | $ | 66.2 | $ | 6.1 | $ | 284.4 | $ | (206.2 | ) | ||||||
| Basic earnings (loss) per common share from: | |||||||||||||||
| Income (loss) from continuing operations attributable to TransUnion | $ | 0.34 | $ | 0.03 | $ | 1.46 | $ | (1.06 | ) | ||||||
| Discontinued operations, net of tax | — | — | — | — | |||||||||||
| Net income (loss) attributable to TransUnion | $ | 0.34 | $ | 0.03 | $ | 1.46 | $ | (1.07 | ) | ||||||
| Diluted earnings (loss) per common share from: | |||||||||||||||
| Income (loss) from continuing operations attributable to TransUnion | $ | 0.34 | $ | 0.03 | $ | 1.45 | $ | (1.06 | ) | ||||||
| Discontinued operations, net of tax | — | — | — | — | |||||||||||
| Net income (loss) attributable to TransUnion | $ | 0.34 | $ | 0.03 | $ | 1.45 | $ | (1.07 | ) | ||||||
| Weighted-average shares outstanding: | |||||||||||||||
| Basic | 194.9 | 193.7 | 194.4 | 193.4 | |||||||||||
| Diluted | 197.3 | 194.3 | 196.7 | 193.4 | |||||||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Years Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income (loss) | $ | 302.3 | $ | (190.8 | ) | ||
| Less: Discontinued operations, net of tax | — | (0.7 | ) | ||||
| Income (loss) from continuing operations | 302.3 | (190.1 | ) | ||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 537.8 | 524.4 | |||||
| Goodwill impairment | — | 414.0 | |||||
| Loss on repayment of loans | 7.4 | 7.6 | |||||
| Deferred taxes | (157.3 | ) | (162.7 | ) | |||
| Stock-based compensation | 121.2 | 100.3 | |||||
| Loss on early termination of lease | 40.5 | — | |||||
| Other | 34.3 | 26.0 | |||||
| Changes in assets and liabilities: | |||||||
| Trade accounts receivable | (105.6 | ) | (135.1 | ) | |||
| Other current and long-term assets | 46.0 | (12.7 | ) | ||||
| Trade accounts payable | 39.2 | (6.5 | ) | ||||
| Other current and long-term liabilities | (33.3 | ) | 80.4 | ||||
| Cash provided by operating activities of continuing operations | 832.5 | 645.6 | |||||
| Cash used in operating activities of discontinued operations | — | (0.2 | ) | ||||
| Cash provided by operating activities | 832.5 | 645.4 | |||||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (315.8 | ) | (310.7 | ) | |||
| Proceeds from sale/maturity of other investments | 0.2 | 82.3 | |||||
| Purchases of other investments | (0.2 | ) | (53.5 | ) | |||
| Investments in nonconsolidated affiliates | (5.9 | ) | (36.9 | ) | |||
| Proceeds from the sale of investments in nonconsolidated affiliates | 7.7 | — | |||||
| (Payments) proceeds related to disposal of discontinued operations | — | (0.5 | ) | ||||
| Other | 6.6 | 0.4 | |||||
| Cash used in investing activities | (307.4 | ) | (318.9 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from Term Loans | 1,793.1 | 655.8 | |||||
| Repayments of Term Loans | (1,786.1 | ) | (347.7 | ) | |||
| Repayments of debt | (198.9 | ) | (650.0 | ) | |||
| Debt financing fees | (16.5 | ) | (3.3 | ) | |||
| Proceeds from issuance of common stock and exercise of stock options | 24.9 | 23.1 | |||||
| Dividends to shareholders | (82.7 | ) | (81.8 | ) | |||
| Employee taxes paid on restricted stock units recorded as treasury stock | (31.7 | ) | (18.4 | ) | |||
| Distributions to noncontrolling interests | (10.8 | ) | (16.5 | ) | |||
| Cash used in financing activities | (308.7 | ) | (438.8 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | (13.1 | ) | 3.2 | ||||
| Net change in cash and cash equivalents | 203.3 | (109.1 | ) | ||||
| Cash and cash equivalents, beginning of period | 476.2 | 585.3 | |||||
| Cash and cash equivalents, end of period | $ | 679.5 | $ | 476.2 | |||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income (loss) attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.
Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.
Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.
Consolidated Adjusted EBITDA
Management has excluded the following items from net income (loss) attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:
Consolidated Adjusted EBITDA Margin
Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.
Adjusted Net Income
Management has excluded the following items from net income (loss) attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:
Adjusted Diluted Earnings Per Share
Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.
Adjusted Provision for Income Taxes
Management has excluded the following items from our provision for income taxes for the periods presented:
Adjusted Effective Tax Rate
Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income from continuing operations before income taxes. We calculate adjusted income from continuing operations before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from (loss) income from continuing operations before income taxes.
Leverage Ratio
Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.
This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.
Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.
Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.
| SCHEDULE 1 TRANSUNION AND SUBSIDIARIES Revenue and Adjusted EBITDA growth rates as Reported, CC, Inorganic, Organic and Organic CC (Unaudited) |
||||||||||||||||||
| For the Three Months Ended December 31, 2024 compared with the Three Months Ended December 31, 2023 |
For the Year Ended December 31, 2024 compared with the Year Ended December 31, 2023 |
|||||||||||||||||
| Reported | CC Growth1 | Organic CC Growth2 | Reported | CC Growth1 | Organic CC Growth2 | |||||||||||||
| Revenue: | ||||||||||||||||||
| Consolidated | 8.6 | % | 8.9 | % | 8.9 | % | 9.2 | % | 9.3 | % | 9.3 | % | ||||||
| U.S. Markets | 7.6 | % | 7.7 | % | 7.7 | % | 8.2 | % | 8.2 | % | 8.2 | % | ||||||
| Financial Services | 20.6 | % | 20.6 | % | 20.6 | % | 15.2 | % | 15.2 | % | 15.2 | % | ||||||
| Emerging Verticals | 4.2 | % | 4.2 | % | 4.2 | % | 4.0 | % | 4.0 | % | 4.0 | % | ||||||
| Consumer Interactive | (11.1)% | (11.1)% | (11.1)% | 1.5 | % | 1.6 | % | 1.6 | % | |||||||||
| International | 10.7 | % | 11.7 | % | 11.7 | % | 12.7 | % | 13.0 | % | 13.0 | % | ||||||
| Canada | 5.3 | % | 7.9 | % | 7.9 | % | 9.9 | % | 11.5 | % | 11.5 | % | ||||||
| Latin America | 7.0 | % | 15.2 | % | 15.2 | % | 10.6 | % | 12.0 | % | 12.0 | % | ||||||
| United Kingdom | 5.8 | % | 2.7 | % | 2.7 | % | 5.1 | % | 2.6 | % | 2.6 | % | ||||||
| Africa | 13.0 | % | 8.2 | % | 8.2 | % | 9.5 | % | 9.8 | % | 9.8 | % | ||||||
| India | 16.7 | % | 18.3 | % | 18.3 | % | 23.1 | % | 24.7 | % | 24.7 | % | ||||||
| Asia Pacific | 19.3 | % | 20.2 | % | 20.2 | % | 15.1 | % | 15.8 | % | 15.8 | % | ||||||
| Adjusted EBITDA: | ||||||||||||||||||
| Consolidated | 15.9 | % | 16.4 | % | 16.4 | % | 12.1 | % | 12.3 | % | 12.3 | % | ||||||
| U.S. Markets | 16.3 | % | 16.4 | % | 16.4 | % | 10.2 | % | 10.2 | % | 10.2 | % | ||||||
| International | 11.3 | % | 12.8 | % | 12.8 | % | 15.8 | % | 16.6 | % | 16.6 | % | ||||||
| 1. | Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. |
| 2. | We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less inorganic growth rate. |
| SCHEDULE 2 TRANSUNION AND SUBSIDIARIES Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margins (Unaudited) (dollars in millions) |
|||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| U.S. Markets gross revenue | |||||||||||||||
| Financial Services | $ | 356.1 | $ | 295.3 | $ | 1,433.8 | $ | 1,244.9 | |||||||
| Emerging Verticals | 302.3 | 290.3 | 1,215.5 | 1,168.2 | |||||||||||
| Consumer Interactive | 133.5 | 150.3 | 588.7 | 579.7 | |||||||||||
| U.S. Markets gross revenue | $ | 792.0 | $ | 735.8 | $ | 3,237.9 | $ | 2,992.8 | |||||||
| International gross revenue | |||||||||||||||
| Canada | $ | 38.5 | $ | 36.6 | $ | 154.4 | $ | 140.5 | |||||||
| Latin America | 33.8 | 31.6 | 134.7 | 121.8 | |||||||||||
| United Kingdom | 59.2 | 55.9 | 227.7 | 216.6 | |||||||||||
| Africa | 18.4 | 16.3 | 66.4 | 60.6 | |||||||||||
| India | 66.6 | 57.1 | 269.4 | 218.9 | |||||||||||
| Asia Pacific | 28.6 | 24.0 | 105.8 | 91.9 | |||||||||||
| International gross revenue | $ | 245.1 | $ | 221.5 | $ | 958.4 | $ | 850.4 | |||||||
| Total gross revenue | $ | 1,037.1 | $ | 957.3 | $ | 4,196.3 | $ | 3,843.1 | |||||||
| Intersegment revenue eliminations | |||||||||||||||
| U.S. Markets | $ | 1.3 | $ | (1.6 | ) | $ | (6.2 | ) | $ | (6.2 | ) | ||||
| International | (1.6 | ) | (1.4 | ) | (6.4 | ) | (5.7 | ) | |||||||
| Total intersegment revenue eliminations | $ | (0.3 | ) | $ | (3.0 | ) | $ | (12.6 | ) | $ | (11.9 | ) | |||
| Total revenue as reported | $ | 1,036.8 | $ | 954.3 | $ | 4,183.8 | $ | 3,831.2 | |||||||
| Adjusted EBITDA: | |||||||||||||||
| U.S. Markets | $ | 311.9 | $ | 268.1 | $ | 1,232.8 | $ | 1,119.0 | |||||||
| International | 107.4 | 96.5 | 425.5 | 367.5 | |||||||||||
| Corporate | (41.4 | ) | (38.6 | ) | (152.0 | ) | (142.8 | ) | |||||||
| Adjusted EBITDA Margin:1 | |||||||||||||||
| U.S. Markets | 39.4 | % | 36.4 | % | 38.1 | % | 37.4 | % | |||||||
| International | 43.8 | % | 43.6 | % | 44.4 | % | 43.2 | % | |||||||
| 1. | Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA. |
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Reconciliation of Net income (loss) attributable to TransUnion to consolidated Adjusted EBITDA: | |||||||||||||||
| Net income (loss) attributable to TransUnion | $ | 66.2 | $ | 6.1 | $ | 284.4 | $ | (206.2 | ) | ||||||
| Discontinued operations, net of tax | — | — | — | 0.7 | |||||||||||
| Income (loss) from continuing operations attributable to TransUnion | $ | 66.2 | $ | 6.0 | $ | 284.4 | $ | (205.4 | ) | ||||||
| Net interest expense | 53.4 | 65.4 | 236.7 | 267.5 | |||||||||||
| Provision (benefit) for income taxes | 29.9 | (15.4 | ) | 98.8 | 44.7 | ||||||||||
| Depreciation and amortization | 137.3 | 133.3 | 537.8 | 524.4 | |||||||||||
| EBITDA | $ | 286.8 | $ | 189.4 | $ | 1,157.7 | $ | 631.2 | |||||||
| Adjustments to EBITDA: | |||||||||||||||
| Stock-based compensation | $ | 35.6 | $ | 27.3 | $ | 121.2 | $ | 100.6 | |||||||
| Goodwill impairment1 | — | — | — | 414.0 | |||||||||||
| Mergers and acquisitions, divestitures and business optimization2 | 9.4 | 10.1 | 26.5 | 34.6 | |||||||||||
| Accelerated technology investment3 | 25.6 | 17.0 | 84.2 | 70.6 | |||||||||||
| Operating model optimization program4 | 8.4 | 77.6 | 94.8 | 77.6 | |||||||||||
| Net other5 | 12.1 | 4.6 | 21.8 | 15.2 | |||||||||||
| Total adjustments to EBITDA | $ | 91.1 | $ | 136.6 | $ | 348.7 | $ | 712.5 | |||||||
| Consolidated Adjusted EBITDA | $ | 377.9 | $ | 326.0 | $ | 1,506.3 | $ | 1,343.7 | |||||||
| Net income (loss) attributable to TransUnion margin | 6.4 | % | 0.6 | % | 6.8 | % | (5.4)% | ||||||||
| Consolidated Adjusted EBITDA margin6 | 36.5 | % | 34.2 | % | 36.0 | % | 35.1 | % | |||||||
As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.
| 1. | During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment. |
| 2. | Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: |
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Transaction and integration costs | $ | 4.2 | $ | 9.9 | $ | 11.2 | $ | 30.9 | |||||||
| Fair value and impairment adjustments | 7.6 | 0.9 | 8.4 | 1.6 | |||||||||||
| Post-acquisition adjustments | (2.3 | ) | (0.5 | ) | 7.0 | 4.3 | |||||||||
| Transition services agreement income | — | (0.1 | ) | — | (2.5 | ) | |||||||||
| Loss on business disposal | — | — | — | 0.3 | |||||||||||
| Total mergers and acquisitions, divestitures and business optimization | $ | 9.4 | $ | 10.1 | $ | 26.5 | $ | 34.6 | |||||||
| 3. | Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows: |
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Foundational Capabilities | $ | 10.7 | $ | 8.0 | $ | 35.7 | $ | 35.8 | ||||
| Migration Management | 13.3 | 7.7 | 43.2 | 29.6 | ||||||||
| Program Enablement | 1.6 | 1.3 | 5.4 | 5.2 | ||||||||
| Total accelerated technology investment | $ | 25.6 | $ | 17.0 | $ | 84.2 | $ | 70.6 | ||||
| 4. | Operating model optimization consisted of the following adjustments: |
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Employee separation | $ | — | $ | 71.9 | $ | 24.7 | $ | 71.9 | ||||
| Facility exit | — | 3.4 | 42.1 | 3.4 | ||||||||
| Business process optimization | 8.4 | 2.3 | 28.0 | 2.3 | ||||||||
| Total operating model optimization | $ | 8.4 | $ | 77.6 | $ | 94.8 | $ | 77.6 | ||||
| 5. | Net other consisted of the following adjustments: |
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Deferred loan fee expense from debt prepayments and refinancings | $ | 8.6 | $ | 6.2 | $ | 17.8 | $ | 9.3 | |||||||
| Other debt financing expenses | 0.7 | 0.7 | 2.4 | 2.2 | |||||||||||
| Currency remeasurement on foreign operations | 2.5 | (1.8 | ) | 2.1 | 4.8 | ||||||||||
| Other non-operating (income) and expense | 0.2 | (0.5 | ) | (0.5 | ) | (1.0 | ) | ||||||||
| Total other adjustments | $ | 12.1 | $ | 4.6 | $ | 21.8 | $ | 15.2 | |||||||
| 6. | Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. |
| SCHEDULE 3 TRANSUNION AND SUBSIDIARIES Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited) (in millions, except per share data) |
||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income (loss) from continuing operations attributable to TransUnion | $ | 66.2 | $ | 6.0 | $ | 284.4 | $ | (205.4 | ) | |||||||
| Discontinued operations, net of tax | — | — | — | (0.7 | ) | |||||||||||
| Income (loss) attributable to TransUnion | $ | 66.2 | $ | 6.1 | $ | 284.4 | $ | (206.2 | ) | |||||||
| Weighted-average shares outstanding: | ||||||||||||||||
| Basic | 194.9 | 193.7 | 194.4 | 193.4 | ||||||||||||
| Diluted | 197.3 | 194.3 | 196.7 | 193.4 | ||||||||||||
| Basic earnings (loss) per common share from: | ||||||||||||||||
| Income (loss) from continuing operations attributable to TransUnion | $ | 0.34 | $ | 0.03 | $ | 1.46 | $ | (1.06 | ) | |||||||
| Discontinued operations, net of tax | — | — | — | — | ||||||||||||
| Net income (loss) attributable to TransUnion | $ | 0.34 | $ | 0.03 | $ | 1.46 | $ | (1.07 | ) | |||||||
| Diluted earnings (loss) per common share from: | ||||||||||||||||
| Income (loss) from continuing operations attributable to TransUnion | $ | 0.34 | $ | 0.03 | $ | 1.45 | $ | (1.06 | ) | |||||||
| Discontinued operations, net of tax | — | — | — | — | ||||||||||||
| Net income (loss) attributable to TransUnion | $ | 0.34 | $ | 0.03 | $ | 1.45 | $ | (1.07 | ) | |||||||
| Reconciliation of Net income (loss) attributable to TransUnion to Adjusted Net Income: | ||||||||||||||||
| Net income (loss) attributable to TransUnion | $ | 66.2 | $ | 6.1 | $ | 284.4 | $ | (206.2 | ) | |||||||
| Discontinued operations, net of tax | — | — | — | 0.7 | ||||||||||||
| Income (loss) from continuing operations attributable to TransUnion | $ | 66.2 | $ | 6.0 | $ | 284.4 | $ | (205.4 | ) | |||||||
| Adjustments before income tax items: | ||||||||||||||||
| Amortization of certain intangible assets | 71.3 | 72.4 | 286.1 | 293.6 | ||||||||||||
| Stock-based compensation | 35.6 | 27.3 | 121.2 | 100.6 | ||||||||||||
| Goodwill impairment1 | — | — | — | 414.0 | ||||||||||||
| Mergers and acquisitions, divestitures and business optimization2 | 9.4 | 10.1 | 26.5 | 34.6 | ||||||||||||
| Accelerated technology investment3 | 25.6 | 17.0 | 84.2 | 70.6 | ||||||||||||
| Operating model optimization program4 | 8.4 | 77.6 | 94.8 | 77.6 | ||||||||||||
| Net other5 | 11.6 | 4.4 | 20.2 | 14.0 | ||||||||||||
| Total adjustments before income tax items | $ | 161.9 | $ | 208.8 | $ | 633.1 | $ | 1,005.0 | ||||||||
| Total adjustments for income taxes6 | $ | (35.9 | ) | $ | (58.9 | ) | $ | (148.7 | ) | $ | (144.1 | ) | ||||
| Adjusted Net Income | $ | 192.2 | $ | 156.0 | $ | 768.8 | $ | 655.4 | ||||||||
| Weighted-average shares outstanding: | ||||||||||||||||
| Basic | 194.9 | 193.7 | 194.4 | 193.4 | ||||||||||||
| Diluted | 197.3 | 194.3 | 196.7 | 194.7 | ||||||||||||
| Adjusted Earnings per Share: | ||||||||||||||||
| Basic | $ | 0.99 | $ | 0.81 | $ | 3.95 | $ | 3.39 | ||||||||
| Diluted | $ | 0.97 | $ | 0.80 | $ | 3.91 | $ | 3.37 | ||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Reconciliation of Diluted earnings (loss) per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share: | ||||||||||||||||
| Diluted earnings (loss) per common share from: | ||||||||||||||||
| Net income (loss) attributable to TransUnion | $ | 0.34 | $ | 0.03 | $ | 1.45 | $ | (1.07 | ) | |||||||
| Discontinued operations, net of tax | — | — | — | — | ||||||||||||
| Income (loss) from continuing operations attributable to TransUnion | $ | 0.34 | $ | 0.03 | $ | 1.45 | $ | (1.06 | ) | |||||||
| Adjustments before income tax items: | ||||||||||||||||
| Amortization of certain intangible assets | 0.36 | 0.37 | 1.45 | 1.51 | ||||||||||||
| Stock-based compensation | 0.18 | 0.14 | 0.62 | 0.52 | ||||||||||||
| Goodwill impairment1 | — | — | — | 2.13 | ||||||||||||
| Mergers and acquisitions, divestitures and business optimization2 | 0.05 | 0.05 | 0.13 | 0.18 | ||||||||||||
| Accelerated technology investment3 | 0.13 | 0.09 | 0.43 | 0.36 | ||||||||||||
| Operating model optimization program4 | 0.04 | 0.40 | 0.48 | 0.40 | ||||||||||||
| Net other5 | 0.06 | 0.02 | 0.10 | 0.07 | ||||||||||||
| Total adjustments before income tax items | $ | 0.82 | $ | 1.07 | $ | 3.22 | $ | 5.16 | ||||||||
| Total adjustments for income taxes6 | (0.18 | ) | (0.30 | ) | (0.76 | ) | (0.74 | ) | ||||||||
| Impact of additional dilutive shares7 | — | — | — | 0.02 | ||||||||||||
| Adjusted Diluted Earnings per Share | $ | 0.97 | $ | 0.80 | $ | 3.91 | $ | 3.37 | ||||||||
Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.
| 1. | During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment. |
| 2. | Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: |
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Transaction and integration costs | $ | 4.2 | $ | 9.9 | $ | 11.2 | $ | 30.9 | |||||||
| Fair value and impairment adjustments | 7.6 | 0.9 | 8.4 | 1.6 | |||||||||||
| Post-acquisition adjustments | (2.3 | ) | (0.5 | ) | 7.0 | 4.3 | |||||||||
| Transition services agreement income | — | (0.1 | ) | — | (2.5 | ) | |||||||||
| Loss on business disposal | — | — | — | 0.3 | |||||||||||
| Total mergers and acquisitions, divestitures and business optimization | $ | 9.4 | $ | 10.1 | $ | 26.5 | $ | 34.6 | |||||||
| 3. | Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows: |
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Foundational Capabilities | $ | 10.7 | $ | 8.0 | $ | 35.7 | $ | 35.8 | ||||
| Migration Management | 13.3 | 7.7 | 43.2 | 29.6 | ||||||||
| Program Enablement | 1.6 | 1.3 | 5.4 | 5.2 | ||||||||
| Total accelerated technology investment | $ | 25.6 | $ | 17.0 | $ | 84.2 | $ | 70.6 | ||||
| 4. | Operating model optimization consisted of the following adjustments: |
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Employee separation | $ | — | $ | 71.9 | $ | 24.7 | $ | 71.9 | ||||
| Facility exit | — | 3.4 | 42.1 | 3.4 | ||||||||
| Business process optimization | 8.4 | 2.3 | 28.0 | 2.3 | ||||||||
| Total operating model optimization | $ | 8.4 | $ | 77.6 | $ | 94.8 | $ | 77.6 | ||||
| 5. | Net other consisted of the following adjustments: |
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Deferred loan fee expense from debt prepayments and refinancing | $ | 8.6 | $ | 6.2 | $ | 17.8 | $ | 9.3 | |||||
| Currency remeasurement on foreign operations | 2.5 | (1.8 | ) | 2.1 | 4.8 | ||||||||
| Other non-operating expense | 0.4 | — | 0.3 | — | |||||||||
| Total other adjustments | $ | 11.6 | $ | 4.4 | $ | 20.2 | $ | 14.0 | |||||
| 6. | Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes. |
| 7. | Diluted share counts for Adjusted Diluted Earnings Per Share includes an additional 1.3 million of dilutive securities for the twelve months ended December 31, 2023, which are not included in GAAP diluted weighted-average shares outstanding due to the Company’s net loss position for the twelve months ended December 31, 2023. |
| SCHEDULE 4 TRANSUNION AND SUBSIDIARIES Adjusted Provision for Income Taxes, Effective Tax Rate and Adjusted Effective Tax Rate (Unaudited) (dollars in millions) |
|||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Income (loss) from continuing operations before income taxes | $ | 100.6 | $ | (5.8 | ) | $ | 401.1 | $ | (145.3 | ) | |||||
| Total adjustments before income tax items from Schedule 3 | 161.9 | 208.8 | 633.1 | 1,005.0 | |||||||||||
| Adjusted income from continuing operations before income taxes | $ | 262.5 | $ | 203.0 | $ | 1,034.3 | $ | 859.7 | |||||||
| Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes | |||||||||||||||
| (Provision) benefit for income taxes | (29.9 | ) | 15.4 | (98.8 | ) | (44.7 | ) | ||||||||
| Adjustments for income taxes: | |||||||||||||||
| Tax effect of above adjustments | (37.0 | ) | (45.5 | ) | (145.5 | ) | (135.6 | ) | |||||||
| Eliminate impact of excess tax (benefit) expenses for stock-based compensation | (0.1 | ) | 0.2 | (1.5 | ) | 3.0 | |||||||||
| Other1 | 1.3 | (13.7 | ) | (1.7 | ) | (11.5 | ) | ||||||||
| Total adjustments for income taxes | $ | (35.9 | ) | $ | (58.9 | ) | $ | (148.7 | ) | $ | (144.1 | ) | |||
| Adjusted Provision for Income Taxes | $ | (65.8 | ) | $ | (43.5 | ) | $ | (247.6 | ) | $ | (188.8 | ) | |||
| Effective tax rate | 29.7 | % | 263.1 | % | 24.6 | % | (30.8)% | ||||||||
| Adjusted Effective Tax Rate | 25.1 | % | 21.4 | % | 23.9 | % | 22.0 | % | |||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
| 1. | Other adjustments for income taxes include: |
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Deferred tax adjustments | $ | 15.2 | $ | (13.5 | ) | $ | 13.8 | $ | (12.9 | ) | ||||||
| Valuation allowance adjustments | (10.6 | ) | 4.8 | (12.7 | ) | 4.0 | ||||||||||
| Return to provision, audit adjustments, and reserves related to prior periods | (3.5 | ) | (3.6 | ) | (2.3 | ) | (1.0 | ) | ||||||||
| Other adjustments | 0.1 | (1.4 | ) | (0.5 | ) | (1.6 | ) | |||||||||
| Total other adjustments | $ | 1.3 | $ | (13.7 | ) | $ | (1.7 | ) | $ | (11.5 | ) | |||||
SCHEDULE 5
TRANSUNION AND SUBSIDIARIES
Leverage Ratio (Unaudited)
(dollars in millions)
| Years Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Reconciliation of Net income (loss) attributable to TransUnion to Consolidated Adjusted EBITDA: | |||||||
| Net income (loss) attributable to TransUnion | $ | 284.4 | $ | (206.2 | ) | ||
| Discontinued operations, net of tax | — | 0.7 | |||||
| Income (loss) from continuing operations attributable to TransUnion | $ | 284.4 | $ | (205.4 | ) | ||
| Net interest expense | 236.7 | 267.5 | |||||
| Provision for income taxes | 98.8 | 44.7 | |||||
| Depreciation and amortization | 537.8 | 524.4 | |||||
| EBITDA | $ | 1,157.7 | $ | 631.2 | |||
| Adjustments to EBITDA: | |||||||
| Stock-based compensation | $ | 121.2 | $ | 100.6 | |||
| Goodwill impairment1 | — | 414.0 | |||||
| Mergers and acquisitions, divestitures and business optimization2 | 26.5 | 34.6 | |||||
| Accelerated technology investment3 | 84.2 | 70.6 | |||||
| Operating model optimization program4 | 94.8 | 77.6 | |||||
| Net other5 | 21.8 | 15.2 | |||||
| Total adjustments to EBITDA | $ | 348.7 | $ | 712.5 | |||
| Leverage Ratio Adjusted EBITDA | $ | 1,506.3 | $ | 1,343.7 | |||
| Total debt | $ | 5,147.2 | $ | 5,340.4 | |||
| Less: Cash and cash equivalents | 679.5 | 476.2 | |||||
| Net Debt | $ | 4,467.8 | $ | 4,864.2 | |||
| Ratio of Net Debt to Net income (loss) attributable to TransUnion | 15.7 | (23.6 | ) | ||||
| Leverage Ratio6 | 3.0 | 3.6 | |||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
| 1. | During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment. |
| 2. | Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: |
| Years Ended December 31, | ||||||
| 2024 | 2023 | |||||
| Transaction and integration costs | $ | 11.2 | $ | 30.9 | ||
| Fair value and impairment adjustments | 8.4 | 1.6 | ||||
| Post-acquisition adjustments | 7.0 | 4.3 | ||||
| Transition services agreement income | — | (2.5 | ) | |||
| Loss on business disposal | — | 0.3 | ||||
| Total mergers and acquisitions, divestitures and business optimization | $ | 26.5 | $ | 34.6 | ||
| 3. | Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows: |
| Years Ended December 31, | |||||
| 2024 | 2023 | ||||
| Foundational Capabilities | $ | 35.7 | $ | 35.8 | |
| Migration Management | 43.2 | 29.6 | |||
| Program Enablement | 5.4 | 5.2 | |||
| Total accelerated technology investment | $ | 84.2 | $ | 70.6 | |
| 4. | Operating model optimization consisted of the following adjustments: |
| Years Ended December 31, | |||||
| 2024 | 2023 | ||||
| Employee separation | $ | 24.7 | $ | 71.9 | |
| Facility exit | 42.1 | 3.4 | |||
| Business process optimization | 28.0 | 2.3 | |||
| Total operating model optimization | $ | 94.8 | $ | 77.6 | |
| 5. | Net other consisted of the following adjustments: |
| Years Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Deferred loan fee expense from debt prepayments and refinancings | $ | 17.8 | $ | 9.3 | |||
| Other debt financing expenses | 2.4 | 2.2 | |||||
| Currency remeasurement on foreign operations | 2.1 | 4.8 | |||||
| Other non-operating (income) and expense | (0.5 | ) | (1.0 | ) | |||
| Total other adjustments | $ | 21.8 | $ | 15.2 | |||
| 6. | We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above. |
| SCHEDULE 6 TRANSUNION AND SUBSIDIARIES Segment Depreciation and Amortization (Unaudited) (in millions) |
|||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| U.S. Markets | $ | 101.1 | $ | 101.3 | $ | 400.5 | $ | 393.6 | |||
| International | 35.2 | 30.9 | 133.3 | 126.4 | |||||||
| Corporate | 0.9 | 1.1 | 3.9 | 4.4 | |||||||
| Total depreciation and amortization | $ | 137.3 | $ | 133.3 | $ | 537.8 | $ | 524.4 | |||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
SCHEDULE 7
TRANSUNION AND SUBSIDIARIES
Reconciliation of Non-GAAP Guidance (Unaudited)
(in millions, except per share data)
| Three Months Ended March 31, 2025 | Year Ended December 31, 2025 | ||||||||||||||
| Low | High | Low | High | ||||||||||||
| Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA: | |||||||||||||||
| Net income attributable to TransUnion | $ | 71 | $ | 77 | $ | 335 | $ | 362 | |||||||
| Interest, taxes and depreciation and amortization | 222 | 225 | 923 | 935 | |||||||||||
| EBITDA | $ | 293 | $ | 301 | $ | 1,258 | $ | 1,298 | |||||||
| Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1 | 83 | 83 | 292 | 292 | |||||||||||
| Adjusted EBITDA | $ | 376 | $ | 384 | $ | 1,549 | $ | 1,590 | |||||||
| Net income attributable to TransUnion margin | 6.7 | % | 7.1 | % | 7.7 | % | 8.3 | % | |||||||
| Consolidated Adjusted EBITDA margin2 | 35.5 | % | 35.8 | % | 35.8 | % | 36.2 | % | |||||||
| Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share: | |||||||||||||||
| Diluted earnings per share | $ | 0.36 | $ | 0.39 | $ | 1.68 | $ | 1.82 | |||||||
| Adjustments to diluted earnings per share1 | 0.60 | 0.60 | 2.25 | 2.26 | |||||||||||
| Adjusted Diluted Earnings per Share | $ | 0.96 | $ | 0.99 | $ | 3.93 | $ | 4.08 | |||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
| 1. | These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release. |
| 2. | Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. |
Source: GlobeNewswire (MIL-OSI)
CHICAGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE:TRU) has announced the launch of its new direct-to-consumer experience in the U.S., enabled by its strategic collaboration with Credit Sesame, a leader in the credit management space. This new offering is expected to enable TransUnion to more fully serve the tens of millions of consumers who visit TransUnion digital properties annually, with a highly engaging freemium credit education solution that will be integrated with enhanced premium credit monitoring services.
This new experience will provide consumers with access to a suite of free credit education services, including a daily TransUnion credit score and report, in addition to optional premium credit monitoring services, available on TransUnion’s website and app. Consumers will also have access to a network of third-party financial offers, tailored to a consumer’s individual goals and credit profile. TransUnion expects to launch the new offering in phases throughout the first half of 2025.
“Personal empowerment is a key component of our commitment to Information for Good®,” said Steve Chaouki, President, U.S. Markets, TransUnion. “By providing a free-first experience that includes financial offers, we engage with more consumers, enabling them to better understand their financial situations and take action to manage their financial futures. By integrating our freemium offering with our enhanced premium credit and identity monitoring services, we expect to deliver a more expansive product offering to consumers and position our direct-to-consumer business for sustainable growth.”
This initiative combines the unique capabilities of Credit Sesame and TransUnion. Credit Sesame provides its expertise to develop and manage a highly engaging product platform, mobile app and integrated network of financial offers, all powered by TransUnion data. TransUnion plans to upgrade its existing consumer base in the U.S. onto the new platform and manage consumer acquisition and consumer servicing, as well as ongoing operational and compliance controls.
“We’re committed to empowering consumers to take charge of their financial health,” said Adrian Nazari, CEO, Credit Sesame. “We have a track record of success in the freemium credit space, helping millions of Americans effectively manage their credit and create better opportunities for themselves and their families. By leveraging our Sesame platform, we expect that TransUnion will be able to deeply engage consumers and support them in achieving their financial goals.”
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business
About Credit Sesame
Credit Sesame is a leading financial wellness company dedicated to helping consumers achieve better credit and financial health through cutting-edge technology and data-driven solutions. With a decade of credit expertise and a proven track record of serving over 18 million users, Credit Sesame leverages AI and advanced analytics to empower individuals to improve their credit scores, enhance approval odds, and reduce credit costs.
The recently launched Sesame Credit Intelligence Platform extends this mission by providing institutions with a turnkey AI-powered credit intelligence solution. It enables businesses to offer personalized credit and financial wellness experiences, driving deeper customer engagement and growth.
Backed by leading institutional and strategic investors, Credit Sesame operates across the U.S. For more information, visit www.addsesame.com.
TransUnion Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions. There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.
The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.
| Contact | Dave Blumberg TransUnion |
| david.blumberg@transunion.com | |
| Telephone | 312-972-6646 |
Source: GlobeNewswire (MIL-OSI)
LONDON, Feb. 13, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), today released its Q4 2024 Pan-European dataset analysis on European property market valuation trends.
Each quarter, Altus Group centralizes and aggregates CRE valuation data for the European market, pulling insights into the factors driving commercial property valuations. The Q4 2024 aggregate dataset included Pan-European open-ended diversified funds, representing €29 billion in assets under management. The funds cover 17 countries and primarily span the industrial, office, retail and residential property sectors.
“The latest data across the Pan-European valuation dataset suggests that real estate markets in parts of Europe are entering a recovery phase, with values now rising for two consecutive quarters after two years of declines,” said Phil Tily, Senior Vice President at Altus Group. “The industrial and residential sectors led the rebound in the fourth quarter of 2024, with yield stabilization and improving cashflows signalling a more positive market outlook moving forward.”
Commercial property values across the Pan-European valuation dataset increased for the second consecutive quarter in Q4, rising 0.8% over Q3, with all sectors seeing gains, albeit with a mixed set of results from a yield and cashflow perspective. Values rose 0.4% overall in 2024, as gains in Q3 and Q4 offset declines from the first half of the year, driven mainly by industrial, residential, and other property categories.
Key highlights by sector include:
For detailed review of the sector trends by asset class, please click here.
About Altus Group
Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 1,900 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Elizabeth Lambe
Director, Global Communications, Altus Group
+1-416-641-9787
elizabeth.lambe@altusgroup.com
Source: GlobeNewswire (MIL-OSI)
Seoul, South Korea, Feb. 13, 2025 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games, announced that Gravity Communications Co., Ltd., Gravity’s wholly-owned subsidiary, officially launched Ragnarok Begins (RO 仙境傳說：一定要可愛), an Action Side-scrolling MMORPG Mobile and PC game, in Taiwan, Hong Kong and Macau on February 13, 2025 at 9:00 p.m. (Taiwan local time).
Ragnarok Begins (RO仙境傳說：一定要可愛) is an Action Side-scrolling MMORPG set 100 years before the events of Ragnarok Online, supporting cross-play between PC and mobile platforms. The game offers a detailed class and advancement system, allowing for character growth and extensive equipment customization. It enhances community features with systems such as guilds, DIY housing and world boss cooperative battles. Players can also engage in PVP content, Arena of Valhalla, compete in teamwork and participate in ranking matches. Additionally, the Tower of Infinity dungeon offers the challenge of progressing through multiple floors, either solo or in a team. The game is available for download in Google Play and Apple App Store.
Ragnarok Begins (RO仙境傳說：一定要可愛) was launched in North America in 2022 and in South Korea in 2023, and has continued to provide stable service while gaining a strong and loyal following from users.
Gravity stated, “ We plan to provide excellent service in Taiwan, Hong Kong and Macau, and encourage users to participate in the pre-launch event, where those who register early will receive in-game currency and the exclusive item ‘Tebirus Headband.’ We appreciate your interest and participation.”
[Gravity Official Website]
http://www.gravity.co.kr
[RO仙境傳說：一定要可愛 Official Website]
https://roc.gnjoy.com.tw/
[RO仙境傳說：一定要可愛 Google Play Download Page]
https://play.google.com/store/apps/details?id=com.gravity.cute.tw.and
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About GRAVITY Co., Ltd. —————————————————
Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.
Contact:
Mr. Heung Gon Kim
Chief Financial Officer
Gravity Co., Ltd.
Email: kheung@gravity.co.kr
Ms. Jin Lee
Ms. Yujin Oh
IR Unit
Gravity Co., Ltd.
Email: ir@gravity.co.kr
Telephone: +82-2-2132-7801
The United States government’s abrupt and sweeping freeze on foreign aid is severely imperiling the human rights of refugees, civilians in armed conflict areas and individuals fleeing persecution in Myanmar, Amnesty International said today.
The organization warned that lives could be lost unless the decision is urgently reversed, amended or if waivers for life-saving assistance are not immediately granted and swiftly implemented for those working on the ground.
“The Trump administration’s cruel decision to issue immediate stop work orders on foreign aid is having an instant and devastating impact across the globe, and in Myanmar it is hitting people at a particularly dark hour,” said Amnesty International’s Myanmar Researcher Joe Freeman.
“The decision has abruptly shut down hospitals in refugee camps, put fleeing human rights defenders at risk of deportation and imperiled programs helping people prevent atrocities, survive in conflict zones and rebuild their lives amid ongoing waves of violence.”
On 20 January, US President Donald Trump signed a presidential executive order pausing all foreign aid amid a 90-day review of whether it is consistent with American foreign policy. On 24 January, US Secretary of State Marco Rubio issued a stop work order to those delivering assistance worldwide as part of the review, but carved out exemptions to the pause for emergency food assistance, as well as military aid to Israel and Egypt.
An additional waiver dated 28 January exempted “life-saving humanitarian assistance” from the stoppage, while follow-up clarifications in the first week of February broadened the exemptions for specific activities. However, based on Amnesty’s latest research, implementation of these waivers has yet to trickle down to many organizations working along the Thai-Myanmar border.
“The US government’s shocking move has had immediate global impacts whose real-life consequences are still being felt and understood. Our findings from Myanmar and Thailand provide just one example of the damage wrought by this heartless decision,” Joe Freeman said.
In Myanmar, the funding pause has further devastated a civilian population already enduring escalating armed conflict, widespread displacement and severe human rights violations by a military that seized power in a coup more than four years ago. It has also sowed chaos, desperation and anguish among tens of thousands of Myanmar refugees living in Thailand.
To date, US funding has helped many endure the upheaval by supporting emergency shelter or relocation for activists, delivering food aid, helping create early-warning systems for air strikes, delivering medical treatment in war zones and providing education opportunities to those who have lost all hope of a future.
From 3-10 February, Amnesty International spoke to 12 Myanmar refugees living in camps along the border in Thailand, along with representatives from 14 organizations with Myanmar-focused activities. They include health workers, human rights researchers and NGOs providing cross-border assistance as well as media and education providers. All warned of severe consequences if the decision was not reversed or amended. Not one had received a communication or confirmation of a waiver from the US government to continue operations.
‘The mission is not to die”
Despite the promise of waivers for life-saving humanitarian assistance, the aid stoppage is posing serious risks to the rights to health of more than 100,000 people living in nine refugee camps on the Thai side of the border with Myanmar. The majority have been there for years, fleeing previous waves of violence in Myanmar, but the camps have grown in size since the coup.
Amnesty International spoke to refugees living in two separate camps along the border. All said hospitals in the camp, which are run by the International Rescue Committee (IRC) through USAID funding, had abruptly shut down after the stop work order. Though Thai authorities and hospitals have been able to step in and provide services for camp residents, their resources are stretched. As of 11 February, the IRC had still not received a waiver to continue their work.
The impact of the initial shutdown was felt immediately. In the Umpien camp, for example, residents said at least four people have died as a result of not receiving oxygen provided by the hospitals. Amnesty could not independently confirm the claim. Reuters reported on 7 February that Pe Kha Lau, 71, died four days after she was sent home from a healthcare facility funded by the US through the IRC.
“It was so scary, they forced everyone to go out of the hospital…and some people died because they lost their oxygen. We were not only sad but also scared of what is coming next,” said U Htan Htun, 62.
Ma Su Su, a volunteer community medical worker in the Umpien camp, also said that on the day the order was announced people who needed treatment were told to leave the hospital. She said she witnessed staff removing an IV-drip from a patient and described how someone without proper training had to provide stitches to a wounded resident.
“I told everyone it’s only 90 days. We’ll be okay after 90 days. But I feel hopeless,” she said. “The mission is not to die.”
Water services at the camps were disrupted, according to residents, while food aid is also at risk of disappearing.
Maximillian Morch from the Thai Border Consortium (TBC), which provides food and cooking fuel to all the nine camps along the Thai-Myanmar border, said they were trying to get approval for a life-saving waiver from the US government but had no confirmation yet.
Just over 60% of the Consortium’s funding is from the US through the Bureau of Population, Refugees and Migration (PRM) at the US State Department. The bulk of that is food and cooking assistance. While they have not been told to stop work, they will run out of funds for food in four to six weeks if their funding is discontinued as part of the review of foreign aid.
“Food is as inoffensive as you can be. And if you stop funding food this is not just a TBC problem, it’s an international humanitarian problem,” Morch said.
“Very tough days for us”
Since the Myanmar military took power in a 2021 coup, armed conflict has intensified across the country. Ever-increasing military air strikes have killed civilians and targeted schools, hospitals and monasteries, while elsewhere the military has targeted protesters, activists and journalists. Funded by USAID, civil society organizations across Myanmar help civilians, journalists and human rights defenders find shelter, aid and safety in exile if they have to flee the country.
Groups in southeastern Myanmar, an area particularly hard-hit by military air strikes, run several US-funded programs which can be considered life-saving. They provide mobile medical units in frontline areas, help pay for hospital referrals for more advanced care and assist civilians in the aftermath of an air strike to find food and shelter.
“At the same time as all the air strikes, all the bombings…artillery attacks, displacement…the funding has been stopped,” said Saw Diamond Khin, director of the Karen Department of Health and Welfare, which assists seven districts in southeastern Myanmar. “It is very tough days for us.”
No waivers for life-saving work
Saw Thar Win, from the Ethnic Health Systems Strengthening Group, said his organization had planned to deliver portable, battery-charged ultrasound and X-ray machines to conflict-affected communities in Myanmar. One set can serve an estimated 50,000 people. But the stop work order meant the machines were just sitting in boxes in his office because the funding for transporting it had been impacted.
Another community-based health provider said the pause in US funding meant that they can no longer support urgent life-saving treatment inside Myanmar. Their funding had supported costs for emergency surgery to treat wounds from air strikes or other armed conflict injuries, as well as neonatal emergency treatment and surgery for appendicitis and blood transfusions.
Despite the announcement of waivers at the end of January, medicines for HIV, tuberculosis and malaria, as well as support for mental health services for those traumatized by the armed conflict, have been similarly affected. Not one group Amnesty spoke to said they had been given any communication or confirmation of a waiver for life-saving work, even though their operations, such as helping feed, shelter and treat people in war zones, would clearly qualify.
All said they lacked clear communication from US agencies such as USAID and their partners on the grounds. The Overseas Irrawaddy Association – which provides emergency relocation for hundreds of activists inside Myanmar, where protesters are routinely imprisoned and tortured by the military – said the freeze has affected their ability to support hundreds of at-risk individuals.
“By removing the ability of these organizations to protect some of the most vulnerable people inside Myanmar, the US is effectively giving the rights-abusing Myanmar military an invaluable gift in their crackdown on the right to freedom of expression and information,” Freeman said.
“People are now more vulnerable to arrest, to torture, and for those who have fled to Thailand and rely on funding for shelter, to deportation back to Myanmar. The US must immediately and directly communicate that groups working on life-saving assistance in Myanmar can continue their work.”
Translartion. Region: Russians Fedetion –
Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –
We warn you about the increased activity of telephone scammers, especially through instant messengers, as well as using neural networks and artificial intelligence tools.
Telephone scammers use various methods:
send malicious links and call on behalf of banks, demanding to provide a code from an SMS; call and send messages via instant messengers (Telegram, WhatsApp and others); create fake accounts, videos with complete identity of the voice and image on behalf of the rector, directors of institutes, employees of law enforcement agencies (FSB, Ministry of Internal Affairs, Rosfinmonitoring and others).
If you receive a call or a message on social media or a messenger from the university management or the director of the institute asking you to help law enforcement officials, lend money or perform some action, do not rush to help and transfer money. Most often, it turns out that the person’s profile has been hacked, and money is being extorted on their behalf, and terrorists are forcing them to perform some actions. Check whether your interlocutor is really who they say they are. If this is a familiar person, but you hardly communicate with them in real life, do not transfer money to them or follow links. Most likely, a fraudster is writing on their behalf
If there are doubts about the authenticity of the interlocutor, the following steps should be taken:
immediately stop talking or corresponding with the unknown user; report the situation to your supervisor or teacher; verify the identity of the contact: if the caller or sender introduces himself or herself as someone you know, contact him or her at the number you know.
Be vigilant, do not communicate with scammers!
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Translartion. Region: Russians Fedetion –
Source: State University Higher School of Economics – State University Higher School of Economics –
© Higher School of Economics
A round table was held on the topic of “Academic Development at the University Today and Tomorrow”. Its participants discussed the tools of academic development used in various subject areas and ways of involving young people in science, one of which is holding regular scientific seminars. The best practices of HSE departments were presented.
Vice-Rector Alexander Balyshev noted in his opening remarks that the relevance of the roundtable topic is due to the current shortage of personnel both in the academy and in the economy as a whole, and one of its tasks is to rethink the relevance of the academic development tools that exist at HSE.
The moderator of the round table, Deputy Vice-Rector, Head of the HSE, spoke about the challenges of academic development and the HSE’s responses to these challenges. Office of Academic Development Anastasia Stepanova. She emphasized that the concept of academic development has been relevant for the last 30-40 years and is associated with the changing role of the university in society. The main task of academic development is considered to be providing support to scientists to improve their competence and ensure confidence in their identity.
According to Anastasia Stepanova, academic development at HSE supports the implementation of the university’s strategy, creates conditions for the growth of scientific schools and helps to respond to external challenges. In addition to its strategic importance, it has a positive effect on organizational efficiency, promotes personnel development and gives the university institutional advantages, enhancing its competitiveness.
Among the most popular tools for academic development, the Deputy Vice-Rector noted seminars and consultations on academic writing, an academic development program for new teachers and researchers (Academic personnel reserve), mentoring, postdoc programs, as well as various adaptation and integration events for scientists. Based on regular internal monitoring data, it showed clearly expressed needs of scientists: about 40% of respondents are interested in new opportunities to exchange experience with colleagues from other universities, 34% – in expanding access to databases, 25% – in improving scientific communication. The youngest researchers naturally demonstrate a demand for data analysis and academic writing skills.
The main topic of discussion in the first part of the round table was the challenges arising in connection with the arrival of the zoomer generation in science.
The head of the department noted a significant gap between the classical approach to scientific work and the new habits of the younger generation of researchers. Scientific Laboratory of Spatial-Econometric Modeling of Socio-Economic Processes in Russia Olga Demidova. While building a scientific reputation traditionally requires deep immersion in the material and long, painstaking work, today’s young scientists are increasingly turning to artificial intelligence tools to speed up the research process. This poses an important challenge for the scientific community: how to combine modern ways of working with information with the depth of scientific research.
Deputy Dean for Science Faculty of World Economy and World Politics Alexandra Morozkina suggested specific ways to do this, such as organizing discussions of articles at scientific seminars (and then students will have to read them from beginning to end), holding seminars without gadgets. She also spoke about a program for attracting scientific assistants to the faculty, within the framework of which a student helps a teacher in his scientific work for a small fee and sees the benefits of such work. All students who have gone through this program go on to teach and participate in various projects of the faculty.
Supervisor Schools of Philological Sciences Evgeny Kazartsev recalled two large projects dedicated to speech practices and the sociology of literature, which were successfully implemented by the school. They included a significant digital component, and, in his opinion, without the participation of zoomers who know how to use digital tools, the projects would not have taken place.
Dean Faculty of Geography and Geoinformation Technologies Nikolay Kurichev believes that earlier, when choosing scientific activity, young people clearly understood its differences from work in business or in the civil service, where the rules are stricter, but now, as science is becoming “managerialized,” the difference is becoming less obvious. But it should be there, and this is, first of all, interaction with a mentor, a scientific supervisor, as well as an environment – “seminars where crazy people who are burning with scientific ideas should gather.”
Continuing the theme of differences between academia and business, Vice Dean for Research Faculty of Computer Science Alexey Mitsyuk reported that the IT industry today differs very little from the scientific environment. Large companies are increasingly engaged in computer science, and the conditions created in these companies today are no worse than in universities. There is freedom to choose tasks, opportunities for development, there is no need to work with students and engage in organizational activities. For universities, this is a problem, since competition with business research arises.
Deputy Director Department of Data Analysis and Artificial Intelligence Vasily Gromov outlined the trends in the transformation of science and scientific activity. He noted that in the near future a scientific market will be formed in which the university will lose its monopoly status. At the same time, society will change its understanding of what a scientist does, and perhaps the concept of disciplinarity will disappear.
First Vice-Rector Vadim Radaev emphasized that young people, starting with millennials, are increasingly abandoning a linear professional trajectory — they change professions and consider it indecent to sit in one place for more than three or four years. “Academic activity, as we are accustomed to seeing and building it, involves long-term investments and full immersion with a long-term building of a scientific reputation and unclear prospects. And young colleagues burn out before they have time to shed light on anything,” he explained.
Vice-Rector Sergey Roshchin focused on the topic of goal-setting in academic development: “As a rule, we do not raise this issue, but only support it with some data, such as statistics on published articles. However, the goals of academic development are contextual in nature from the point of view of the society around us and should not be limited to publication activity alone.”
As for the claims about the peculiarities of zoomers, both a hundred and two hundred years ago, representatives of the older generation claimed that the next generation was not like them. According to the vice-rector, the key question is what is the value of science so that the younger generation continues to study it within the walls of the university. “Science studies are not studies that interest you now, but studies based on the current agenda in society, in combination with what interests you,” he concluded.
The second part of the round table was devoted to involving young people in scientific discussion. Vadim Radaev, who made the key report on this topic, noted: “First of all, we need to have this discussion, especially since real discussions are extremely rare on the pages of journals.” A regular scientific seminar becomes a platform for it.
In his report, the First Vice-Rector of the HSE emphasized that seminar activities are not an addition or an appendix, but part of the foundation, one of the main forms of work. “I believe that a scientific department without a regular seminar is an institutional fiction: individual scientists conduct research and publish results, but the integrity of the organization, the environment that should form scientists, remains more on paper,” he said.
The speaker shared his experience in organizing scientific seminars Department of Economic Sociology And Laboratory of Economic and Sociological Research (LESI), which he heads. His departments have held scientific seminars weekly since 2002, and he does not consider this to be anything extraordinary. Even if not weekly, then a monthly seminar should be the norm for any scientific community. Anyone can organize a seminar, but it is difficult to do so on a regular basis. “Many great projects started and then, unfortunately, died out,” Vadim Radaev noted. In his opinion, a seminar should have a permanent core, be mandatory, be held regularly (at least once a month) and in person (a hybrid format is possible), have a fixed day, time and plan for at least two to three months, be announced in advance and not be postponed.
Vadim Radaev believes that the topic of the seminar is not the main thing: the speakers are more important. He emphasized that only full texts of research should be discussed, and materials should be sent to participants at least a week in advance. It is advisable to invite discussants to the seminar, make uniform demands on all colleagues from students to professors, and gently and persistently observe the rules so that the seminar does not turn into, for example, a benefit performance for the speaker.
According to Vadim Radaev, the value of a scientific seminar lies primarily in communication. This is a good way to create and maintain an environment, an opportunity to interest and retain young colleagues who, as noted in the first part of the round table, are today prone to a rapid loss of interest in science.
Other HSE employees also spoke about their successful experience of participating in scientific seminars and organizing them.
Dean Faculty of Computer Science Ivan Arzhantsev recalled that mathematics in the USSR, which flourished in the 1960s and 1970s, lived by scientific seminars. At the same time, work was organized differently in foreign universities. “Colleagues envied us that we had such a wonderful culture of scientific seminars,” said the dean of the Faculty of Computer Science. He himself participated in one of these seminars, and now the faculty holds a mathematical seminar every two weeks.
Head of the Department of Mathematics Faculty of Economic Sciences Fuad Aleskerov spoke about two scientific seminars that he leads, one of which has been held for 60 years, including more than 20 years at the HSE. In his opinion, seminars should not be limited in time; it is quite acceptable if they last for four hours.
Referring to his experience working in foreign universities, the dean Faculty of Social Sciences Denis Stukal reported that scientific seminars there can take place both in the form of formal discussions – traditional regular meetings of scientists, and in the form of informal discussions – for example, meetings and discussions of scientific ideas over lunch. In his opinion, organizing a seminar should be a common matter for all employees of the department, who are responsible for this periodically.
Professor Elena Dragalina-Chernaya shared her experience of holding regular seminars in International Laboratory of Logic, Linguistics and Formal Philosophy. There are five of them in the laboratory: theoretical, analytical, reading seminar and two scientific and educational seminars. She believes it is important to support the initiatives of young researchers and give them their own space for discussions. The professor emphasized that long-term internships for young scientists are important for the development of international and interdisciplinary projects.
Summing up the round table, Alexander Balyshev said that its participants demonstrated a demand for updating the goal-setting of academic development at the university. He also noted the need to communicate to target groups, especially young researchers, information about the opportunities opening up to them and stated that scientific seminars are still a relevant and mandatory component of the work of all scientific departments of the HSE.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Source: GlobeNewswire (MIL-OSI)
Q4 2024 Revenues, Gross Margin and EPS All Surpassed Guidance Range Issued on November 7, 2024
Company Q1 2025 Guidance: Revenues to Decrease 8.5% to 12.5% QoQ,
Gross Margin is Expected to be Around 30.5%. Profit per Diluted ADS to be 9.0 Cents to 11.0 Cents
TAINAN, Taiwan, Feb. 13, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the fourth quarter and full year 2024 ended December 31, 2024.
“In 2024, our sales revenues in each quarter consistently outperformed guidance. We have consistently demonstrated our ability to handle most of rush orders, underscoring our agility, adaptability, strong capabilities in inventory management, and swift market responsiveness,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.
“At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR. Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AR glasses. For AR glasses, Himax offers three critical technologies, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI,” continued Mr. Jordan Wu.
“Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. The prospect of CPO remains unchanged and the widespread adoption of CPO for data transmission to be conducted via optics instead of metal wire is on track in high-performance AI applications. Through WLO and CPO technologies, Himax is well-positioned to engage in the high-speed AI computing market with high expectations for its growth,” concluded Mr. Jordan Wu.
Fourth Quarter 2024 Financial Results
Himax net revenues registered $237.2 million, an increase of 6.7% sequentially, significantly exceeding Company’s guidance range of a slight decrease to flat, and up 4.2% year-over-year. Gross margin reached 30.5%, exceeding its guidance of flat to slightly up from 30.0% in the previous quarter, and up from 30.3% in the same period last year. The sequential increase was driven by a favorable product mix and cost improvements. Q4 profit per diluted ADS was 14.0 cents, considerably above the guidance range of 9.3 cents to 11.0 cents, thanks to better-than-expected revenues and improved costs.
Revenue from large display drivers came in at $25.0 million, reflecting a 18.6% sequential decline. The decrease was primarily attributed to continued customer destocking after substantial Q2 replenishment for shopping festivals, as well as heightened price competition from Chinese peers. Sales of large panel driver ICs accounted for 10.5% of total revenues for the quarter, compared to 13.8% last quarter and 14.8% a year ago.
Small and medium-sized display driver segment totaled $166.8 million, an increase of 7.4% sequentially, exceeding its guidance of flat quarter-over-quarter, thanks to stronger-than-expected sales in the automotive and tablet markets. Q4 automotive driver sales, including both traditional DDIC and TDDI, experienced mid-teens increase, significantly outperforming Company’s expectation of a single digit increase, with both DDIC and TDDI showing stronger-than-expected sales. This surge was primarily driven by continued rush orders from Chinese panel customers, carried over from Q3, following the Chinese government’s renewed trade-in stimulus initiative announced in mid-August 2024 to boost automobile consumption. Remarkably, Himax’s Q4 automotive TDDI sales have exceeded DDIC sales for the first time, underscoring the global adoption of Company’s TDDI solutions, which are increasingly essential in modern vehicles, and reflects the growing demand for more intuitive, interactive, and cost-effective touch panel features powered by TDDI technology. Himax’s automotive business, comprising drivers, Tcon, and OLED IC sales, accounted for around 50% of total Q4 revenues. Meanwhile, Q4 tablet IC sales exceeded the guidance of a low teens decline, with sales up slightly sequentially driven by rush orders from leading end customers. Q4 smartphone IC sales declined slightly, in line with its guidance. The small and medium-sized driver IC segment accounted for 70.3% of total sales for the quarter, compared to 69.9% in the previous quarter and 71.6% a year ago.
Fourth quarter revenues from its non-driver business reached $45.4 million, exceeding the guidance range, with a 24.9% increase from the previous quarter. The growth was primarily driven by a one-time ASIC Tcon product shipment to a leading projector customer and Tcon for monitor application. In Q4, automotive Tcon sales continued to grow sequentially, due to the widespread adoption of Himax’s market-leading local dimming Tcon with over two hundred secured design-win projects across major panel makers, Tier 1 suppliers, and automotive manufacturers worldwide. Non-driver products accounted for 19.2% of total revenues, as compared to 16.3% in the previous quarter and 13.6% a year ago.
Fourth quarter operating expenses were $49.2 million, a decrease of 19.1% from the previous quarter and a decline of 6.0% from a year ago. The sequential decrease stemmed primarily from a reduction in annual employee bonuses, partially offset by an increase in R&D expenses. As part of Company’s standard practice, Himax grants annual bonuses, including cash and RSUs, to employees at the end of September each year. This results in higher IFRS operating expenses in the third quarter compared to the other quarters of the year. The year-over-year decrease was mainly due to a decline in employee bonus compensation as the amortized portion of prior year’s bonuses for 2023 was higher than that for 2024, offsetting the higher annual bonus compensation grant for 2024 compared to 2023. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls, with full-year 2024 operating expenses declining 5.6% compared to last year.
Fourth quarter operating income was $23.1 million or 9.7% of sales, compared to 2.6% of sales last quarter and 7.3% of sales for the same period last year. The sequential increase was primarily the result of higher sales, improved gross margin, and lower operating expenses. The year-over-year increase was primarily the result of higher sales, higher gross margin, and lower employee bonus compensation due to the amortized portion of the prior year’s bonuses. Fourth-quarter after-tax profit was $24.6 million, or 14.0 cents per diluted ADS, reflecting a meaningful increase from $13.0 million, or 7.4 cents per diluted ADS last quarter, and up from $23.6 million, or 13.5 cents in the same period last year.
Full Year 2024 Financial
Revenues totaled $906.8 million, a slight decline of 4.1% compared to 2023. Persistent global demand weakness, coupled with uncertainty about market trends, led to conservative purchasing decisions and inventory management by Company’s panel customers. Given this uncertainty, Himax implemented strict expense controls, resulting in a 5.6% reduction in operating expenses for the year. However, Company’s optimism in the automotive business remains unwavering, with automotive IC sales increasing by nearly 20% year-over-year in 2024, far outpacing the overall automotive market growth. Among Company’s automotive product lines, automotive TDDI and Tcon sales, both relatively new technologies, surged by more than 70%, driven by accelerated adoption across the board. This growth strengthened Company’s market leadership and positions Himax well for continued success as the automotive sector embraces more advanced technology resulting from the mega trend of increasing size, quantity, and sophistication of displays inside vehicles.
Revenue from large panel display drivers totaled $125.9 million in 2024, marking a decrease of 28.3% year-over-year, and representing 13.9% of total sales, as compared to 18.6% in 2023. Small and medium-sized driver sales totaled $625.4 million, reflecting a slight decrease of 0.6% year-over-year, and accounting for 69.0% of its total revenues, as compared to 66.5% in 2023. Non-driver product sales totaled $155.5 million, an increase of 10.6% year-over-year, and representing 17.1% of Company’s total sales, as compared to 14.9% a year ago.
Gross margin in 2024 was 30.5%, up from 27.9% in 2023. The margin expansion was driven by a strategic focus on cost improvements and operational efficiency optimization, combined with a favorable product mix that included a higher percentage of high-margin products such as automotive and Tcon. The successful diversification of foundry sources also contributed to the margin increase.
Operating expenses in 2024 were $208.0 million, a decline of 5.6% from 2023, primarily due to lower employee bonus compensation, as the amortized portion of bonuses in 2023 was higher than that in 2024. 2024 operating income was $68.2 million, or 7.5% of sales, an increase from $43.2 million, or 4.6% of sales, in 2023. Himax’s net profit for 2024 was $79.8 million, or $0.46 per diluted ADS, significantly up from $50.6 million, or $0.29 per diluted ADS in 2023.
Balance Sheet and Cash Flow
Himax had $224.6 million of cash, cash equivalents and other financial assets as of December 31, 2024. This compares to $206.4 million at the same time last year and $206.5 million a quarter ago. Himax achieved a strong positive operating cash flow of $35.4 million for the fourth quarter, compared to a cash outflow of $3.1 million in Q3. Company made a total of $30.1 million annual cash bonus to employees, resulting in the low operating cash flow of the quarter. As of December 31, 2024, Himax had $34.5 million in long-term unsecured loans, with $6.0 million representing the current portion.
The Company’s inventories as of December 31, 2024 were $158.7 million, lower than $192.5 million last quarter and $217.3 million at the end of last year. Company’s inventory levels have steadily declined over the past couple of quarters and are now at a healthy level. Accounts receivable at the end of December 2024 was $236.8 million, little changed from $224.6 million last quarter and $235.8 million a year ago. DSO was 96 days at the quarter end, as compared to 92 days last quarter and 91 days a year ago. Fourth quarter capital expenditures were $3.2 million, versus $2.6 million last quarter and $15.1 million a year ago. Fourth quarter capex was mainly for R&D related equipment for Company’s IC design business. Total capital expenditures for 2024 were $13.1 million as compared to $23.4 million in 2023. The decrease was primarily due to reduced spending on in-house testers for Company’s IC design business in 2024.
Outstanding Share
As of December 31, 2024, Himax had 174.9 million ADS outstanding, little changed from last quarter. On a fully diluted basis, the total number of ADS outstanding for the fourth quarter was 175.1 million.
Q1 2025 Outlook
In 2024, Himax’s sales revenues in each quarter consistently outperformed guidance. While this strong performance is certainly commendable, it also highlights the challenges Company faced such as limited market visibility and conservative customer demand, where many customers relied on rush orders to address their actual demands. On the other hand, rush orders are indicative of the tight inventory position of Company’s panel customers in general. In the past few quarters, Himax has consistently demonstrated its ability to handle most of such rush orders, underscoring Company’s agility, adaptability, strong capabilities in inventory management, and swift market responsiveness.
The automotive IC sales remained Company’s largest revenue contributor in 2024, accounting for almost half of total revenues and achieving close to 20% annual growth. This performance highlights Himax’s automotive leadership in technological innovations, product development, and market share. Looking ahead, Himax expects its automotive TDDI and Tcon technologies to maintain growth momentum, further strengthening its market competitiveness. Beyond LCD technology, Himax is advancing development in the automotive OLED sector, with numerous projects currently underway in partnership with leading panel makers. Company anticipates that automotive OLED IC will serve as one of the key growth drivers for Himax in the coming years, further solidifying its leadership in automotive display market.
Meanwhile, Himax is actively expanding its technology development beyond display ICs. To that end, in the WiseEye AI segment, Company has made notable progress with leading notebook brands and achieved significant breakthroughs in smart door lock, palm vein authentication, and smart home applications, collaborating with world-leading customers to develop new innovations. Himax anticipates a strong growth trajectory in its WiseEye business in 2025 and beyond.
Himax’s proprietary wafer-level optics (WLO) technology for co-packaged optics (CPO) has recently garnered significant attention in the capital markets. In fact, as early as June 2024, Himax and FOCI, a global leader in silicon photonics connectors, jointly announced the industry-leading CPO technology. The collaboration, spanning several years, unites Himax’s WLO technology with FOCI’s CPO solutions for cutting-edge AI multi-chip modules (MCM). Since the announcement, Himax has provided updates on the latest progress in each quarterly earnings call. Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. CPO significantly enhances bandwidth and accelerates data transmission while reducing signal loss, latency, and power consumption. Additionally, it can help drastically decrease the size and cost of MCM.
While CPO is still in engineering validation and trial production stage this year, with customer’s mass production timelines undisclosed and the recent AI market disruptions from DeepSeek, the prospect of CPO remains unchanged. The widespread adoption of CPO for data transmission to be conducted via optics instead of metal wire is on track in high-performance AI applications. This is evident by the significant increase in customer’s recent trial production volume forecast, indicating an accelerated timeline for CPO technology to enter mass production. Furthermore, Himax and FOCI, in close collaboration with leading AI customers and partners, are actively developing future generations of CPO technologies to meet the explosive high-speed optical data transmission demand in HPC and AI. Through WLO and CPO technologies, Himax is well-positioned to engage in the high-speed AI computing market with high expectations for its growth. Company believes that CPO technology, beyond cloud applications, will see further adoption in sectors such as automotive and robot in the future. Himax’s current goal is to accelerate CPO adoption in cloud applications, thereby helping drive broader CPO adoption in AI applications.
At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR. Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AR glasses. For AR glasses, Himax offers three critical technologies, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI. Company’s latest, patented Front-lit LCoS Microdisplay delivers unparalleled brightness with an industry-leading 400k nits, exceptional optical power efficiency, compact form factor, lightweight, and superior display quality, making it one of the most viable solutions in the see-through AR glasses market. In waveguide, in collaboration with leading tech names, Himax leverages proprietary WLO expertise, built on advanced nanoimprint technology, to offer industry-leading optical solutions that optimize light transmission and display efficiency. In the field of AI sensing for AR glasses, Himax’s WiseEye provides always-on AI sensing capabilities which are being applied by developers to significantly enhance AR interactivity while consuming just a few milliwatts of power.
In automotive display IC technology, Himax unveiled the industry’s most comprehensive LCD and OLED solutions at CES, showcasing a range of next-generation smart cabin technologies. These solutions not only improve the intuitive operation of smart cabins but also enhance driving safety and provide an exceptional user experience. A prime example is the advanced Display HMI solution developed in collaboration with AUO which meets the demands for large-size, high-resolution, and freeform automotive displays.
At CES, Himax also partnered with several AI ecosystem partners to showcase its ultralow power WiseEye Modules over a range of innovative, production-ready AIoT applications. These applications include palm vein authentication, baby cry detection, people flow management, and human sensing detection. The modules are designed for easy integration, making it highly suitable for various AIoT applications.
Display Driver IC Businesses
LDDIC
In Q1 2025, Himax anticipates a single digit sequential sales increase for large display driver ICs, driven by demand spurred by Chinese government subsidies for household appliances aimed at reviving demand in the sluggish household sector. Notebook and monitor sales are expected to increase in Q1. In contrast, TV IC sales are set to decline as customers pulled forward their inventory purchases in the prior quarter, coupled with the seasonal slowdown in Q1.
Looking ahead in the notebook sector, Company is seeing an increase in demand for premium notebooks to adopt OLED displays and touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. A standout innovation is Company’s pioneering in-cell touch TDDI for LCD displays, which improves the ease of system design and integration by embedding the touch controller within the TDDI chip while maintaining the conventional display driver setup for Tcon data transmission. This design simplifies integration for customers, reducing engineering complexity and speeding up product development. This solution also supports high-resolution displays up to 4K and larger screens up to 16 inches, aligning with the growing demand for advanced, visually stunning, and immersive laptops. With mass production already underway for a leading notebook vendor’s AI PC, more projects are lined up. For OLED notebooks, in addition to Company’s OLED DDIC and Tcon solutions, Himax is also developing on-cell touch controller technology, with multiple projects underway with top panel makers and notebook vendors. Last but not least, progress has been made on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This interface will support high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. By delivering innovative, cutting-edge technologies, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.
SMDDIC
On SMDDIC revenue, for the full year 2024, Himax’s automotive driver IC sales, comprising of TDDI and traditional DDIC, increased nearly 20% year-over-year, significantly outpacing global automotive growth, largely driven by the continued adoption of TDDI technology among major customers across all continents. However, Himax anticipates Q1 automotive revenue to decline low teens sequentially, following two quarters of surge demand. Despite this, Q1 automotive sales are still projected to increase by mid-teens on a year-over-year basis. In the automotive TDDI sector, with cumulative shipments significantly surpassing those of Himax’s competitors, Company continues to reinforce its market leadership, which currently stands at well over 50%. With nearly 500 design-in projects secured and a continuous influx of new pipeline and design-wins across the board, of which only 30% already in mass production, Himax expects to sustain this decent growth in the years ahead. While traditional automotive DDIC sales for 2024 declined due to their gradual, partial replacement by TDDI, Company’s DDIC shipment volume still saw a modest increase in the last year. This demonstrates the steady demand for mature DDIC products, such as those used in cluster displays, HUDs, and rear- and side-view mirrors, which do not require touch functionality. Furthermore, the long-term trust and loyalty from Company’s DDIC customers, some of whom have relied on Himax’s solutions for over a decade, is indicative of Company’s strong customer retention. Himax continues to lead the automotive DDIC market, maintaining a global market share of approximately 40%.
Himax continues to lead in automotive display IC innovation by pioneering solutions that deliver superior performance, power efficiency, and enhanced user experiences. As part of this ongoing innovation, Company’s latest TED (Tcon Embedded Driver IC) solution, which combines TDDI with local dimming Tcon into a single chip, provides a cost-effective, flexible, and comprehensive solution for its customers. Another new technology worth highlighting is Himax’s automotive TDDI with advanced user-aware touch control, which differentiates between driver and passenger touches to prevent cross-touch and enhance driving safety. In addition, Company offers a unique knob-on-in-cell-display solution that combines a physical knob with a TDDI. This design seamlessly merges in-cell touch technology with tactile controls, offering drivers a safer, more intuitive interaction that reduces distractions and enhances the overall driving experience.
Moving to smartphone and tablet IC sales, Himax expects a sequential decline in both product lines, as is typical during the low season in Q1 due to the Lunar New Year.
On OLED business update. In the automotive OLED market, Company has established strategic partnerships with leading panel makers in Korea, China, and Japan. As OLED technology extends beyond premium car models, Himax is well-positioned as the preferred partner, leveraging Company’s strong presence and proven track record in the automotive LCD display sector. Capitalizing on Himax’s first-mover advantage, Himax aims to drive the growing adoption of OLED in automotive displays by offering a comprehensive range of solutions, including DDIC, Tcon, and on-cell touch controller. Company believes this positions it as a primary beneficiary of the anticipated shift toward OLED displays for high end vehicles in a couple of years, enabling Himax to capture new growth opportunities and further strengthen its market leadership.
Beyond the automotive sector, Company has also made strides in the tablet and notebook markets, partnering with leading OLED panel makers in Korea and China. Himax’s comprehensive OLED product portfolio, covering DDIC, Tcon, and touch controllers, has driven several new projects that are on track to begin mass production this year. In the smartphone OLED market, Company is making solid progress in collaborations with customers in Korea and China and anticipates mass production to start later this year.
First quarter small and medium-sized display driver IC business is expected to decline low teens sequentially.
Non-Driver Product Categories
Q1 non-driver IC revenues are expected to decrease high teens sequentially.
Timing Controller (Tcon)
Himax anticipates Q1 2025 Tcon sales to decrease mid-teens sequentially, primarily due to the non-recurrence of a one-time ASIC Tcon shipment to a leading projector customer last quarter, as well as a moderation in automotive Tcon shipments following several quarters of strong growth. That being said, Himax maintains an unchallenged position in local dimming Tcon, evidenced by growing validation and widespread adoption in both premium and mainstream car models worldwide. Company is confident in the continued growth of its automotive Tcon business, supported by its strong market presence in local dimming Tcon, with strong pipeline of over two hundred design-win projects set to gradually enter production in the coming years. Heads-up display (HUD) is another field gaining traction within automotive displays, driving increased adoption of local dimming Tcon technology and emerging as a particularly promising application. Himax’s industry-leading local dimming Tcon provides distinct advancements with high contrast ratio and optimized power consumption. It effectively eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, ensuring clear and precise images on the windshield. Additionally, the Tcon features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. Several HUD projects are already in progress, and Himax is excited about the potential opportunities ahead. Company is well positioned for continuous growth in automotive Tcon over the next few years.
WiseEye™ Ultralow Power AI Sensing
On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. WiseEye AI delivers a significant competitive edge in the rapidly growing AI market through its ultralow power consumption and context-aware, on-device AI inferencing that seamlessly integrates vision and other sensing capabilities into endpoint applications, particularly battery-powered devices. This not only enhances intuitive user interaction but also makes AI more practical and accessible. Additionally, WiseEye AI offloads tasks from the main processor, effectively extending battery lifespan and improving overall data processing efficiency. Building on the success with Dell notebooks, Himax WiseEye AI is continuing to expand its market presence, with additional use cases expected across other leading notebook brands, some of which are set for production later this year.
WiseEye also continues to achieve significant market success across various sectors. For smart door lock, Company collaborated with DESMAN, a leading high-end brand in China, to introduce the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Building on this achievement, Himax is expanding globally by collaborating with other leading door lock makers worldwide to integrate innovative AI features, including parcel recognition, anti-pinch protection, and palm vein biometric access, further extending application possibilities. Several of these value-added solutions are set to enter production later this year. At CES 2025, Himax joined forces with ecosystem partners to unveil a suite of innovative, production-ready AIoT applications, powered by Company’s tiny form factor, plug-and-play WiseEye Modules. Himax offers a series of modules, each incorporating an ultralow power WiseEye AI processor, an AoS image sensor, and advanced algorithms. The modules feature no-code/low-code AI platform capabilities, simplifying AI integration and supporting diverse use cases, such as human presence detection, gender and age recognition, gesture recognition, face mesh, voice command, thermal image sensing, pose estimation and people flow management. By streamlining deployment and reducing development costs, WiseEye Modules open new opportunities for automation, enhance interactivity, and elevate user experiences across a variety of industries.
A broad range of innovative, ultralow power WiseEye Modules are also under development in collaboration with ecosystem partners, such as crying baby detection, dynamic gesture recognition, and human sensing, among others. One standout in Himax’s WiseEye Module portfolio is the Himax WiseEye PalmVein solution, which has quickly gained traction since its introduction just one year ago. Company has secured multiple design wins, with mass production already underway by a US customer for smart access applications and a Taiwan-based door lock vendor for its leading smart door lock brands. To meet growing customer demand for flexibility across various environments, the upgraded WiseEye PalmVein suite now features bimodal authentication, combining both palm vein and face recognitions. This dual-authentication solution enhances security by offering two layers of biometric verification, which not only increases reliability but also makes it highly adaptable to various environments.
The rise of physical AI agents marks a significant shift in human-machine interaction, enabling devices to perceive, process, and respond to their surroundings in real time. A key emerging trend is the integration of cloud-based large language models (LLMs), which enables these agents’ advanced reasoning and language understanding, enhancing their ability to interact with and adapt to the physical world. Himax WiseEye AI is at the forefront of this revolution, delivering always-on sensor fusion, ultralow power on-device processing, while seamlessly interfacing with LLMs, to provide the essential real-time AI capabilities for next-generation applications. A good illustration of this innovation was showcased at CES 2025, where Himax and Seeed Studio introduced the SenseCAP Watcher, a physical AI agent powered by WiseEye AI. Equipped with vision and audio sensor fusion, along with a speaker, this battery-powered IoT device combines on-device AI with cloud-based LLMs to interpret commands, recognize objects, respond to events, and facilitate real-time interaction. Drawing from the success of SenseCAP Watcher, Himax is actively working on multiple projects leveraging WiseEye AI to further drive advancements in physical AI agent applications.
Separately, Himax is excited about its collaboration with a leading AR player to integrate WiseEye AI into the next generation of AR glasses. At CES, there was a renewed enthusiasm on AR glasses with AI becoming an integral component to enable intuitive and seamless human-device interaction. WiseEye AI addresses two critical challenges in AR glasses, namely real-time responsiveness and power efficiency. For example, WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment with real time context-aware AI. This capability powers instant response, real-time object recognition, navigation assistance, translation, and environmental mapping, enhancing the overall AR experience. Notably, WiseEye AI’s exceptional ultralow power consumption, measured in single digit milliwatts, also make it perfectly suited for AR glasses for all-day wear. In another example, Company collaborates with Ganzin on eyeball tracking technology, which, powered by WiseEye, precisely detects subtle eyeball movements, gaze direction, pupil size, and blinking, thereby providing critical data for the enhancement of user interaction in AR glasses.
Wafer Level Optics (WLO)
In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connector, unveiled an industry-leading co-packaged optics (CPO) technology, leveraging Himax state-of-the-art WLO technology. This innovation integrates silicon photonic chips and optical connectors within MCM, replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM. In working closely with FOCI, Himax is making significant strides through a solid partnership with leading AI semiconductor companies and foundry, with small-scale production of the first-generation CPO solution already underway. The significant increase in Q1 engineering validation and trial production volume, combined with the anticipated sample volume increases in the coming quarters, is a strong indication that CPO technology is being accelerated toward mass production. In addition, in close collaboration with leading AI customers/partners, Himax is speeding up the development of CPO technology for the next few generations. Himax is more optimistic than ever about the outlook for its WLO business, which is poised to generate significant growth opportunities and become a major revenue and profit contributor in the years ahead.
Alongside the CPO progress, Company is witnessing a rise in engineering collaborations with global technology leaders who are utilizing Himax’s WLO expertise to make advanced waveguides for AR glasses, highlighting the growing recognition of Company’s WLO capabilities.
LCoS
On the update on LCoS, Company recently introduced its industry-leading 400K nits ultra-luminous Front-lit LCoS Microdisplay, setting a new benchmark for brightness with extremely low power consumption of merely 300mW. At CES 2025, Company showcased an AR glasses POC (Proof-Of-Concept) featuring the microdisplay with a third-party waveguide, achieving over 1,000 nits of brightness to the eye. This demonstration highlighted its suitability for outdoor, high ambient light conditions. With a lightweight of just 0.98 grams and ultra-compact form factor of less than 0.5 c.c., combined with excellent color performance, Himax’s Front-lit LCoS Microdisplay is ideal for all-day AR glasses and underscores the technology’s readiness for real-world applications.
Following the recent release of Himax’s 400K nits ultra-luminous Front-lit LCoS Microdisplay, Himax is actively engaged in significant projects through strategic collaborations with industry leaders. Himax’s proven track record of over a decade in LCoS technology, coupled with a history of successful production shipments, highlights Company’s readiness to meet the demands of large-scale production of AR glasses.
| First Quarter 2025 Guidance | |
| Net Revenue: | Decrease 8.5% to 12.5% QoQ, Flat to Up 4.6% YoY |
| Gross Margin: | Around 30.5%, depending on final product mix |
| Profit: | 9.0 cents to 11.0 cents per diluted ADS, Up 26% to 54% YoY |
Himax noticed that some peers’ customers placed orders early due to tariff factors, especially in the consumer electronics sector, resulting in Q1 revenue forecasts exceeding normal seasonal demand. In contrast, no similar trend has been observed in the automotive semiconductor market. Since Himax’s automotive business accounts for more than half of its total revenues, Himax’s Q1 revenue forecast has not benefited from tariff factors.
| HIMAX TECHNOLOGIES FOURTH QUARTER AND FULL YEAR 2024 EARNINGS CONFERENCE CALL | |
| DATE: | Thursday, February 13, 2025 |
| TIME: | U.S. 8:00 a.m. EST Taiwan 9:00 p.m. |
| Live Webcast (Video and Audio): http://www.zucast.com/webcast/br8wqbB4 Toll Free Dial-in Number (Audio Only): |
|
| Hong Kong 2112-1444 Taiwan 0080-119-6666 Australia 1-800-015-763 Canada 1-877-252-8508 China (1) 4008-423-888 China (2) 4006-786-286 Singapore 800-492-2072 UK 0800-068-8186 United States (1) 1-800-811-0860 United States (2) 1-866-212-5567 |
|
| Dial-in Number (Audio Only): | |
| Taiwan Domestic Access 02-3396-1191 International Access +886-2-3396-1191 |
|
| Participant PIN Code: 3329013 # | |
If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3329013 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until February 13, 2026.
About Himax Technologies, Inc.
Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye™ Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,649 patents granted and 402 patents pending approval worldwide as of December 31, 2024.
Forward Looking Statements
Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2023 filed with the SEC, as may be amended.
Company Contacts:
Eric Li, Chief IR/PR Officer
Himax Technologies, Inc.
Tel: +886-6-505-0880
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw
Karen Tiao, Investor Relations
Himax Technologies, Inc.
Tel: +886-2-2370-3999
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw
Mark Schwalenberg, Director
Investor Relations – US Representative
MZ North America
Tel: +1-312-261-6430
Email: HIMX@mzgroup.us
www.mzgroup.us
-Financial Tables-
| Himax Technologies, Inc. | ||||||||||||
| Unaudited Condensed Consolidated Statements of Profit or Loss | ||||||||||||
| (These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS) | ||||||||||||
| (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data) | ||||||||||||
| Three Months Ended December 31, |
3 Months Ended September 30, |
|||||||||||
| 2024 | 2023 | 2024 | ||||||||||
| Revenues | ||||||||||||
| Revenues from third parties, net | $ | 237,182 | $ | 227,664 | $ | 222,401 | ||||||
| Revenues from related parties, net | 41 | 14 | 6 | |||||||||
| 237,223 | 227,678 | 222,407 | ||||||||||
| Costs and expenses: | ||||||||||||
| Cost of revenues | 164,963 | 158,669 | 155,795 | |||||||||
| Research and development | 37,584 | 41,088 | 46,880 | |||||||||
| General and administrative | 5,711 | 5,831 | 6,828 | |||||||||
| Sales and marketing | 5,886 | 5,409 | 7,048 | |||||||||
| Total costs and expenses | 214,144 | 210,997 | 216,551 | |||||||||
| Operating income | 23,079 | 16,681 | 5,856 | |||||||||
| Non operating income (loss): | ||||||||||||
| Interest income | 2,042 | 1,934 | 2,297 | |||||||||
| Changes in fair value of financial assets at fair value through profit or loss | 1,245 | 1,710 | 27 | |||||||||
| Foreign currency exchange gains (losses), net | 690 | (1,525 | ) | 457 | ||||||||
| Finance costs | (964 | ) | (1,140 | ) | (1,018 | ) | ||||||
| Share of losses of associates | (360 | ) | (14 | ) | (143 | ) | ||||||
| Other losses | – | (1,932 | ) | – | ||||||||
| Other income (losses) | 60 | (362 | ) | 105 | ||||||||
| 2,713 | (1,329 | ) | 1,725 | |||||||||
| Profit before income taxes | 25,792 | 15,352 | 7,581 | |||||||||
| Income tax expense (benefit) | 761 | (7,933 | ) | (5,174 | ) | |||||||
| Profit for the period | 25,031 | 23,285 | 12,755 | |||||||||
| Loss (profit) attributable to noncontrolling interests | (423 | ) | 280 | 268 | ||||||||
| Profit attributable to Himax Technologies, Inc. stockholders | $ | 24,608 | $ | 23,565 | $ | 13,023 | ||||||
| Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders | $ | 0.141 | $ | 0.135 | $ | 0.075 | ||||||
| Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders | $ | 0.140 | $ | 0.135 | $ | 0.074 | ||||||
| Basic Weighted Average Outstanding ADS | 175,008 | 174,724 | 174,727 | |||||||||
| Diluted Weighted Average Outstanding ADS | 175,146 | 174,979 | 174,987 | |||||||||
| Himax Technologies, Inc. | |||||||||
| Unaudited Condensed Consolidated Statements of Profit or Loss | |||||||||
| (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data) | |||||||||
| Twelve Months Ended December 31, |
|||||||||
| 2024 | 2023 | ||||||||
| Revenues | |||||||||
| Revenues from third parties, net | $ | 906,737 | $ | 945,309 | |||||
| Revenues from related parties, net | 65 | 119 | |||||||
| 906,802 | 945,428 | ||||||||
| Costs and expenses: | |||||||||
| Cost of revenues | 630,601 | 681,931 | |||||||
| Research and development | 160,329 | 171,392 | |||||||
| General and administrative | 24,121 | 25,037 | |||||||
| Sales and marketing | 23,530 | 23,856 | |||||||
| Total costs and expenses | 838,581 | 902,216 | |||||||
| Operating income | 68,221 | 43,212 | |||||||
| Non operating income (loss): | |||||||||
| Interest income | 9,907 | 8,746 | |||||||
| Changes in fair value of financial assets at fair value through profit or loss | 1,363 | 1,655 | |||||||
| Foreign currency exchange gains (losses), net | 2,491 | (768 | ) | ||||||
| Finance costs | (4,014 | ) | (6,080 | ) | |||||
| Share of losses of associates | (831 | ) | (598 | ) | |||||
| Other losses | – | (1,932 | ) | ||||||
| Other income | 198 | 158 | |||||||
| 9,114 | 1,181 | ||||||||
| Profit before income taxes | 77,335 | 44,393 | |||||||
| Income tax benefit | (2,435 | ) | (5,028 | ) | |||||
| Profit for the period | 79,770 | 49,421 | |||||||
| Loss (profit) attributable to noncontrolling interests | (15 | ) | 1,195 | ||||||
| Profit attributable to Himax Technologies, Inc. stockholders | $ | 79,755 | $ | 50,616 | |||||
| Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders | $ | 0.456 | $ | 0.290 | |||||
| Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders | $ | 0.456 | $ | 0.290 | |||||
| Basic Weighted Average Outstanding ADS | 174,796 | 174,495 | |||||||
| Diluted Weighted Average Outstanding ADS | 175,014 | 174,783 | |||||||
| Himax Technologies, Inc. | ||||||||||||
| IFRS Unaudited Condensed Consolidated Statements of Financial Position | ||||||||||||
| (Amounts in Thousands of U.S. Dollars) | ||||||||||||
| December 31, 2024 |
December 31, 2023 |
September 30, 2024 |
||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 218,148 | $ | 191,749 | $ | 194,139 | ||||||
| Financial assets at amortized cost | 4,286 | 12,511 | 12,335 | |||||||||
| Financial assets at fair value through profit or loss | 2,140 | 2,117 | – | |||||||||
| Accounts receivable, net (including related parties) | 236,813 | 235,829 | 224,589 | |||||||||
| Inventories | 158,746 | 217,308 | 192,458 | |||||||||
| Income taxes receivable | 726 | 1,454 | 986 | |||||||||
| Restricted deposit | 503,700 | 453,000 | 503,700 | |||||||||
| Other receivable from related parties | 13 | 69 | 22 | |||||||||
| Other current assets | 43,471 | 86,548 | 42,581 | |||||||||
| Total current assets | 1,168,043 | 1,200,585 | 1,170,810 | |||||||||
| Financial assets at fair value through profit or loss | 23,554 | 21,650 | 26,383 | |||||||||
| Financial assets at fair value through other comprehensive income | 28,226 | 1,635 | 22,457 | |||||||||
| Equity method investments | 8,571 | 3,490 | 2,945 | |||||||||
| Property, plant and equipment, net | 121,280 | 130,109 | 122,333 | |||||||||
| Deferred tax assets | 21,193 | 14,196 | 13,806 | |||||||||
| Goodwill | 28,138 | 28,138 | 28,138 | |||||||||
| Other intangible assets, net | 636 | 816 | 717 | |||||||||
| Restricted deposit | 31 | 32 | 31 | |||||||||
| Refundable deposits | 221,824 | 222,025 | 221,879 | |||||||||
| Other non-current assets | 18,025 | 20,728 | 18,484 | |||||||||
| 471,478 | 442,819 | 457,173 | ||||||||||
| Total assets | $ | 1,639,521 | $ | 1,643,404 | $ | 1,627,983 | ||||||
| Liabilities and Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Current portion of long-term unsecured borrowings | $ | 6,000 | $ | 6,000 | $ | 6,000 | ||||||
| Short-term secured borrowings | 503,700 | 453,000 | 503,700 | |||||||||
| Accounts payable (including related parties) | 113,203 | 107,342 | 121,384 | |||||||||
| Income taxes payable | 9,514 | 15,309 | 2,324 | |||||||||
| Other payable to related parties | – | 110 | – | |||||||||
| Contract liabilities-current | 10,622 | 17,751 | 25,694 | |||||||||
| Other current liabilities | 63,595 | 109,291 | 54,673 | |||||||||
| Total current liabilities | 706,634 | 708,803 | 713,775 | |||||||||
| Long-term unsecured borrowings | 28,500 | 34,500 | 30,000 | |||||||||
| Deferred tax liabilities | 564 | 520 | 505 | |||||||||
| Other non-current liabilities | 7,496 | 35,879 | 11,361 | |||||||||
| 36,560 | 70,899 | 41,866 | ||||||||||
| Total liabilities | 743,194 | 779,702 | 755,641 | |||||||||
| Equity | ||||||||||||
| Ordinary shares | 107,010 | 107,010 | 107,010 | |||||||||
| Additional paid-in capital | 115,376 | 114,648 | 115,285 | |||||||||
| Treasury shares | (5,546 | ) | (5,157 | ) | (4,714 | ) | ||||||
| Accumulated other comprehensive income | 8,621 | (180 | ) | 3,507 | ||||||||
| Retained earnings | 664,600 | 640,447 | 644,596 | |||||||||
| Equity attributable to owners of Himax Technologies, Inc. | 890,061 | 856,768 | 865,684 | |||||||||
| Noncontrolling interests | 6,266 | 6,934 | 6,658 | |||||||||
| Total equity | 896,327 | 863,702 | 872,342 | |||||||||
| Total liabilities and equity | $ | 1,639,521 | $ | 1,643,404 | $ | 1,627,983 | ||||||
| Himax Technologies, Inc. | |||||||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||||||
| (Amounts in Thousands of U.S. Dollars) |
|||||||||||||
| Three Months Ended December 31, |
Three Months Ended September 30, |
||||||||||||
| 2024 | 2023 | 2024 | |||||||||||
| Cash flows from operating activities: | |||||||||||||
| Profit for the period | $ | 25,031 | $ | 23,285 | $ | 12,755 | |||||||
| Adjustments for: | |||||||||||||
| Depreciation and amortization | 5,564 | 5,115 | 5,640 | ||||||||||
| Share-based compensation expenses | 103 | 346 | 407 | ||||||||||
| Losses (gains) on disposals of property, plant and equipment, net | 4 | (368 | ) | – | |||||||||
| Loss on re-measurement of the pre-existing relationships in a business combination | – | 1,932 | – | ||||||||||
| Changes in fair value of financial assets at fair value through profit or loss | (1,245 | ) | (1,710 | ) | (27 | ) | |||||||
| Interest income | (2,042 | ) | (1,934 | ) | (2,297 | ) | |||||||
| Finance costs | 964 | 1,140 | 1,018 | ||||||||||
| Income tax expense (benefit) | 761 | (7,933 | ) | (5,174 | ) | ||||||||
| Share of losses of associates | 360 | 14 | 143 | ||||||||||
| Inventories write downs | 4,037 | 5,727 | 2,269 | ||||||||||
| Unrealized foreign currency exchange losses (gains) | (159 | ) | 1,517 | 228 | |||||||||
| 33,378 | 27,131 | 14,962 | |||||||||||
| Changes in: | |||||||||||||
| Accounts receivable (including related parties) | (27,302 | ) | 8,163 | 8,548 | |||||||||
| Inventories | 29,675 | 36,580 | 8,964 | ||||||||||
| Other receivable from related parties | 9 | (29 | ) | 33 | |||||||||
| Other current assets | 2,502 | (5,682 | ) | (778 | ) | ||||||||
| Accounts payable (including related parties) | (7,706 | ) | (627 | ) | (26,101 | ) | |||||||
| Other payable to related parties | 1 | 363 | (102 | ) | |||||||||
| Contract liabilities | 6 | (958 | ) | 667 | |||||||||
| Other current liabilities | 2,508 | 3,014 | (4,161 | ) | |||||||||
| Other non-current liabilities | 71 | 393 | (3,354 | ) | |||||||||
| Cash generated from operating activities | 33,142 | 68,348 | (1,322 | ) | |||||||||
| Interest received | 3,513 | 2,665 | 860 | ||||||||||
| Interest paid | (1,047 | ) | (1,140 | ) | (1,018 | ) | |||||||
| Income tax paid | (191 | ) | (1,131 | ) | (1,658 | ) | |||||||
| Net cash provided by (used in) operating activities | 35,417 | 68,742 | (3,138 | ) | |||||||||
| Cash flows from investing activities: | |||||||||||||
| Acquisitions of property, plant and equipment | (3,222 | ) | (15,052 | ) | (2,551 | ) | |||||||
| Proceeds from disposal of property, plant and equipment | – | 111 | – | ||||||||||
| Acquisitions of intangible assets | – | (40 | ) | (9 | ) | ||||||||
| Acquisitions of financial assets at amortized cost | (2,286 | ) | (4,573 | ) | (1,500 | ) | |||||||
| Proceeds from disposal of financial assets at amortized cost | 10,289 | 784 | 617 | ||||||||||
| Acquisitions of financial assets at fair value through profit or loss | (6,807 | ) | (5,375 | ) | (27,934 | ) | |||||||
| Proceeds from disposal of financial assets at fair value through profit or loss | 3,722 | 1,645 | 33,036 | ||||||||||
| Acquisitions of financial assets at fair value through other comprehensive income | – | (1,379 | ) | – | |||||||||
| Proceeds from disposal of financial assets at fair value through other comprehensive income | – | 99 | – | ||||||||||
| Acquisition of a subsidiary, net of cash acquired (paid) | (5,416 | ) | 433 | – | |||||||||
| Proceeds from capital reduction of investment | 338 | 360 | – | ||||||||||
| Acquisitions of equity method investment | (1,236 | ) | – | – | |||||||||
| Decrease (increase) in refundable deposits | (8 | ) | – | 11,339 | |||||||||
| Net cash provided by (used in) investing activities | (4,626 | ) | (22,987 | ) | 12,998 | ||||||||
| Cash flows from financing activities: | |||||||||||||
| Purchase of treasury shares | (832 | ) | – | – | |||||||||
| Prepayments for purchase of treasury shares | (2,168 | ) | – | – | |||||||||
| Payments of cash dividends | – | – | (50,670 | ) | |||||||||
| Payments of dividend equivalents | – | – | (233 | ) | |||||||||
| Proceeds from issuance of new shares by subsidiaries | – | 916 | – | ||||||||||
| Purchases of subsidiaries shares from noncontrolling interests | – | (9 | ) | – | |||||||||
| Proceeds from short-term unsecured borrowings | – | 36,932 | – | ||||||||||
| Repayments of short-term unsecured borrowings | – | (37,226 | ) | – | |||||||||
| Repayments of long-term unsecured borrowings | (1,500 | ) | (1,500 | ) | (1,500 | ) | |||||||
| Proceeds from short-term secured borrowings | 461,400 | 427,100 | 522,600 | ||||||||||
| Repayments of short-term secured borrowings | (461,400 | ) | (427,100 | ) | (471,900 | ) | |||||||
| Pledge of restricted deposit | – | – | (50,700 | ) | |||||||||
| Payment of lease liabilities | (1,340 | ) | (1,244 | ) | (979 | ) | |||||||
| Guarantee deposits received (refunded) | 219 | (5 | ) | – | |||||||||
| Net cash used in financing activities | (5,621 | ) | (2,136 | ) | (53,382 | ) | |||||||
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (1,161 | ) | 873 | 985 | |||||||||
| Net increase (decrease) in cash and cash equivalents | 24,009 | 44,492 | (42,537 | ) | |||||||||
| Cash and cash equivalents at beginning of period | 194,139 | 147,257 | 236,676 | ||||||||||
| Cash and cash equivalents at end of period | $ | 218,148 | $ | 191,749 | $ | 194,139 | |||||||
| Himax Technologies, Inc. | |||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||
| (Amounts in Thousands of U.S. Dollars) | |||||||||
| Twelve Months Ended December 31, |
|||||||||
| 2024 | 2023 | ||||||||
| Cash flows from operating activities: | |||||||||
| Profit for the period | $ | 79,770 | $ | 49,421 | |||||
| Adjustments for: | |||||||||
| Depreciation and amortization | 22,354 | 20,322 | |||||||
| Share-based compensation expenses | 1,247 | 2,663 | |||||||
| Losses (gains) on disposals of property, plant and equipment, net | 4 | (368 | ) | ||||||
| Loss on re-measurement of the pre-existing relationships in a business combination | – | 1,932 | |||||||
| Changes in fair value of financial assets at fair value through profit or loss | (1,363 | ) | (1,655 | ) | |||||
| Interest income | (9,907 | ) | (8,746 | ) | |||||
| Finance costs | 4,014 | 6,080 | |||||||
| Income tax benefit | (2,435 | ) | (5,028 | ) | |||||
| Share of losses of associates | 831 | 598 | |||||||
| Inventories write downs | 13,551 | 21,540 | |||||||
| Unrealized foreign currency exchange losses (gains) | (171 | ) | 624 | ||||||
| 107,895 | 87,383 | ||||||||
| Changes in: | |||||||||
| Accounts receivable (including related parties) | (40,738 | ) | 20,804 | ||||||
| Inventories | 45,011 | 132,090 | |||||||
| Other receivable from related parties | 56 | 5 | |||||||
| Other current assets | 3,941 | (3,863 | ) | ||||||
| Accounts payable (including related parties) | 14,567 | 7,676 | |||||||
| Other payable to related parties | (110 | ) | (268 | ) | |||||
| Contract liabilities | 45 | (37,051 | ) | ||||||
| Other current liabilities | (9,010 | ) | 1,246 | ||||||
| Other non-current liabilities | (2,260 | ) | (4,602 | ) | |||||
| Cash generated from operating activities | 119,397 | 203,420 | |||||||
| Interest received | 9,732 | 8,567 | |||||||
| Interest paid | (4,015 | ) | (6,080 | ) | |||||
| Income tax paid | (9,138 | ) | (53,066 | ) | |||||
| Net cash provided by operating activities | 115,976 | 152,841 | |||||||
| Cash flows from investing activities: | |||||||||
| Acquisitions of property, plant and equipment | (13,054 | ) | (23,378 | ) | |||||
| Proceeds from disposal of property, plant and equipment | – | 111 | |||||||
| Acquisitions of intangible assets | (153 | ) | (115 | ) | |||||
| Acquisitions of financial assets at amortized cost | (11,236 | ) | (6,911 | ) | |||||
| Proceeds from disposal of financial assets at amortized cost | 19,457 | 3,099 | |||||||
| Acquisitions of financial assets at fair value through profit or loss | (76,003 | ) | (82,628 | ) | |||||
| Proceeds from disposal of financial assets at fair value through profit or loss | 70,389 | 75,539 | |||||||
| Acquisitions of financial assets at fair value through other comprehensive income | (17,164 | ) | (1,379 | ) | |||||
| Proceeds from disposal of financial assets at fair value through other comprehensive income | – | 99 | |||||||
| Acquisition of a subsidiary, net of cash acquired (paid) | (5,416 | ) | 433 | ||||||
| Proceeds from capital reduction of investment | 338 | 360 | |||||||
| Acquisitions of equity method investment | (1,236 | ) | – | ||||||
| Decrease (increase) in refundable deposits | 33,562 | (56,933 | ) | ||||||
| Cash received in advance from disposal of land | – | 2,821 | |||||||
| Net cash used in investing activities | (516 | ) | (88,882 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Purchase of treasury shares | (832 | ) | – | ||||||
| Prepayments for purchase of treasury shares | (2,168 | ) | – | ||||||
| Payments of cash dividends | (50,670 | ) | (83,720 | ) | |||||
| Payments of dividend equivalents | (233 | ) | (148 | ) | |||||
| Proceeds from issuance of new shares by subsidiary | 71 | 916 | |||||||
| Purchases of subsidiaries shares from noncontrolling interests | (190 | ) | (9 | ) | |||||
| Proceeds from short-term unsecured borrowings | – | 47,226 | |||||||
| Repayments of short-term unsecured borrowings | – | (47,226 | ) | ||||||
| Repayments of long-term unsecured borrowings | (6,000 | ) | (6,000 | ) | |||||
| Proceeds from short-term secured borrowings | 1,780,300 | 1,383,300 | |||||||
| Repayments of short-term secured borrowings | (1,729,600 | ) | (1,299,600 | ) | |||||
| Pledge of restricted deposit | (50,700 | ) | (83,700 | ) | |||||
| Payment of lease liabilities | (5,032 | ) | (4,830 | ) | |||||
| Guarantee deposits received (refunded) | (23,163 | ) | 200 | ||||||
| Net cash used in financing activities | (88,217 | ) | (93,591 | ) | |||||
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (844 | ) | (200 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | 26,399 | (29,832 | ) | ||||||
| Cash and cash equivalents at beginning of period | 191,749 | 221,581 | |||||||
| Cash and cash equivalents at end of period | $ | 218,148 | $ | 191,749 | |||||
Source: Médecins Sans Frontières –
New York/Johannesburg/Brussels — The decision by the United States (US) government to temporarily freeze funding to the President’s Emergency Plan for AIDS Relief (PEPFAR) alongside all other foreign aid for at least a 90-day period has had immediate effects on people living with HIV, said Médecins Sans Frontières (MSF) today. Although the US has since clarified that certain treatment programmes can continue at least until April, we are concerned that critical elements of the PEPFAR programme remain frozen.
“More than three weeks since the US government froze PEPFAR funding, there is still widespread confusion and uncertainty as to whether this critical lifeline for millions of people has been cut off,” says Avril Benoît, chief executive officer of MSF USA. “Despite a limited waiver covering some activities, what our teams are seeing in many of the countries where we work is that people have already lost access to lifesaving care and have no idea whether or when their treatment will continue.”
“MSF is calling on the US government to immediately resume funding for the full range of PEPFAR operations as well as other critical health and humanitarian aid,” says Benoît.
On 1 February, after over a week of chaos and a freeze of activities, the US government issued a limited waiver allowing for the resumption of some programming with specific guidance for HIV. However, that guidance was unclear, and it did not immediately reach PEPFAR country teams. Across our broad network, MSF did not see a single organisation able to resume work as a result of this limited guidance on waivers. On 6 February, the US government issued clarified guidance on HIV care and treatment and prevention of mother to child transmission programmes.
However, we remain concerned that key areas of HIV prevention, treatment, care, and support are not included in this additional guidance, such as pre-exposure prophylaxis (PrEP) for all vulnerable groups, including LGBTQ+ people and sex workers, specific interventions for adolescent girls and young women in high prevalence countries, and community-led monitoring programmes. These services are essential to ensuring a successful response to the epidemic.
While MSF does not accept US government funding and will not be directly affected by cuts or freezes to PEPFAR, many of our activities are contingent on the programmes that have been interrupted. In some places we have had to adapt and change our activities, and the indirect effects of these freezes have already been felt in our projects in various parts of the world.
In sub-Saharan Africa, where MSF runs several HIV/AIDS and related health programmes, we are already witnessing impacts on patients. In South Africa, many clinics providing HIV services, including testing, treatment, and PrEP through PEPFAR-funded organisations have been shuttered, leaving people confused and distressed about where to access their critical medication.
In Mozambique, a major partner organisation of MSF that provided comprehensive HIV services had to stop activities completely. In Zimbabwe, most organisations providing HIV services have also stopped work, disrupting in particular the DREAMS program aimed at decreasing new HIV infections in adolescent girls and young women.
“Any interruption to HIV services and treatment is deeply distressing to people in care and an emergency when it comes to HIV treatment,” says Tom Ellman, director of the South Africa Medical Unit at MSF Southern Africa. “HIV medicines must be taken daily or people run the risk of developing resistance or deadly health complications.”
In Democratic Republic of Congo, the aid freeze was already affecting the most successful model of antiretroviral drug distribution ever implemented in the capital city of Kinshasa: the community-run free distribution and peer support points, known locally as “PODIs”. In a country where stigma against people living with HIV is massive and poverty remains a barrier to care, PODIs have proven to be a medically necessary approach for addressing delays or therapy abandonment. With PEPFAR-supported points of care now closed and other activities frozen, thousands of people were left without support and with a high risk of developing advanced HIV. MSF teams supporting advanced HIV disease care in Kinshasa might not be able to meet the increased demand if disruptions persist.
In South Sudan, approximately 51 per cent of people living with HIV know their status, and 47 percent are on treatment. A discontinuation of this programme will have devastating effects on thousands of people and their communities. MSF has worked alongside PEPFAR providing essential HIV care in this context and has seen firsthand how this programme saves lives. The support of PEPFAR in this country is critical.
PEPFAR-supported programming is deeply interconnected with and reliant on other components of the US foreign aid system, specifically implementation support provided by USAID and technical and other assistance provided by the US Centers for Disease Control and Prevention (CDC). Given that the foreign aid freeze and stop-work orders continue to affect these other agencies, and staff from these agencies have been put on immediate leave or recalled, it is unclear when and how even the limited activities now allowed will be able to restart.
“These disruptions will cost lives and upend years of progress against this virus,” says Benoît. “Every day that passes is an emergency for millions of people for whom PEPFAR is a lifeline.”
PEPFAR-supported programming has been heavily integrated into key aspects of the broader health systems of partner countries over the last 20 plus years and as a result the consequences of these disruptions have been far-reaching. For this reason, some of the services affected go beyond purely HIV treatment and prevention, such as in Uganda, where PEPFAR-funded aspects of infectious disease surveillance and response, including for Ebola virus, have been stopped.
“When MSF first started treating people with HIV/AIDS in South Africa 25 years ago, there were no antiretroviral medicines on the shelves, every diagnosis felt like a death sentence, and communities were desperately trying to curb the virus’ spread,” says Ellman.
Since then, PEPFAR support has helped save more than 25 million lives and encouraged the fight against HIV to be a truly global one. But continued success relies on continued access to the full range of HIV-related programmes, services, and goods including prevention services and treatment, population-specific and targeted programmes, programmes related to gender-based violence, and other critical areas.
As health care providers, we are deeply concerned by these disruptions to this lifesaving programme.
“Even temporary interruptions to key components of PEPFAR will harm people at risk of acquiring HIV and people living with HIV,” says Benoît. “We urge the US government to immediately resume all funding of critical humanitarian and health aid, including the full range of PEPFAR operations.”
Source: United Kingdom – Executive Government & Departments
Thousands of small businesses across the country will have more opportunities to win valuable contracts with public sector organisations, kickstarting local economic growth and innovation
Thousands of small businesses across the country will have more opportunities to win valuable contracts with public sector organisations, kickstarting local economic growth and innovation and creating jobs for local communities as the Government delivers on its Plan for Change.
Measures announced by the Government today will speed up and simplify procurement processes in the public sector, where £400 billion is spent each year on essential goods and services – driving growth and improving the lives of working people.
The changes outlined today include proposals for a major shake-up of spending rules, with local councils able to reserve contracts for small businesses to maximise spend within their area and help boost local economies.
Alongside this, a new duty will be placed on firms that win contracts with government bodies to advertise jobs at job centres, delivering real change for people, bringing good jobs closer to home and getting Britain back to work.
The National Procurement Policy Statement (NPPS), will gear all parts of the public sector towards delivering growth. The new rules include eight actions to return public procurement back into the service of the country and working people, and drive forward the Plan for Change.
Businesses tell me that the current system isn’t working. It is slow, complicated and too often means small businesses in this country are shut out of public sector contracts.
These measures will change that, giving them greater opportunity to access the £400 billion spent on public procurement every year, investing in home grown talent and driving innovation and growth.
This new policy statement sets out our vision for how procurement can put this country back into the service of working people, and deliver our Plan for Change – by making sure the public sector is committed to growing the economy and empowering our communities with innovation and opportunity.
Current processes require Social Value measures on contracts, which put requirements on businesses to help bring forward positive change in communities and the country as a whole.
However, there are currently multiple different approaches used across the public sector and potentially many different criteria, confusing business and making it harder to ensure the commitments made are actually delivered.
The Government will be updating and streamlining the system used by all central government departments and their agencies to align it with the Government’s missions.
This will make it simpler to use, giving small businesses a better chance when bidding for contracts, and will make sure companies who profit from government work give back to the community.
For too long small businesses have been stuck on the sidelines of the procurement process with complicated bureaucracy and a confusing system. That changes today.
These measures will mean small firms can more easily offer their expertise to key projects both locally and nationally, helping SMEs to scale up, securing jobs and creating opportunities across the country.
There is a £45 billion jackpot of potential productivity savings if we make full use of technology across our public services, it is not an opportunity we can miss.
To get this right, we need to make sure public sector organisations can get their hands on the right technology for them, quickly. That’s why our Digital Commercial Centre of Excellence will help the rest of the public sector invest in long-term solutions and stop hasty quick fixes.
Alongside the NPPS, a range of measures to support its delivery and make savings across government are also being introduced.
This includes the development of a new AI tool for commercial teams across government to cut bureaucracy wherever possible – such as to simplify redacting contracts and quality assurance of procurement documents.
This includes the development of a new AI tool for commercial teams across government to cut bureaucracy wherever possible – such as to simplify redacting contracts and quality assurance of procurement documents.
As first announced in the blueprint for a modern digital government, a new Digital Commercial Centre of Excellence will also be set up in the Department for Science, Innovation and Technology to embed a “buy once and well” attitude, and drive innovative solutions to problems facing our public sector, securing long-term solutions rather than short-term fixes for digital and IT products and opening up opportunities for small and medium businesses to work on digital transformation.
The current system is broken: two departments might buy two types of equipment for the same purpose, requiring two teams with different individual skills to service and maintain.
The new approach means buying only once – requiring only one team, and one set of skills, removing duplication, saving the taxpayer money, and reducing waste in government.
A new Commercial Innovation Hub is also being considered, to establish a golden link across government departments, embedding learnings from extraordinary events such as vaccine procurement into our day to day processes. This will support departments to deliver greater value from the new flexible powers offered by the Procurement Act – and act as a workshop to seek out innovative commercial solutions that drive greater value.
The NAO recently estimated there are between 8,000 and 21,000 frameworks available to public sector buyers through external third party organisations. These agreements are often not transparent, with hidden fees and charges, racking up the cost of common goods and services.
A new Register of Framework agreements will be produced, shining a light on those rip-off frameworks from third party providers that are profiting off our local councils and NHS, taking money away from front line services.
The Government will also be consulting on more reforms including a requirement for large contracting authorities to publish their three-year targets for small business and social enterprise spend and report on this annually – as well as the exclusion of suppliers from contracts worth more than £5million if they don’t complete prompt payments of invoices.
Published 13 February 2025
Source: United Kingdom – Government Statements
New government-funded fellowships will see researchers explore how AI can change the way we conduct research while 23 projects have been awarded funding to explore wider research and innovation.
£4 million AI Metascience Fellowship Programme
New government-funded fellowships exploring how AI could change the way scientists drive future discoveries are now open for applications, Science Minister Lord Vallance has announced today (Thursday 13 February).
Metascience – the study of how science works – examines research practices, funding models, and how institutions operate to improve how science and research is conducted, and discoveries are made and applied. By understanding what makes scientific research more effective, metascience helps drive research breakthroughs faster and with greater impact – boosting economic growth and prosperity to drive our Plan for Change.
The AI Metascience Fellowship Programme will fund research into key questions, including how AI is reshaping the research landscape and both changing and supporting the daily work of scientists. It will explore ethical concerns such as biases in AI-driven research and transparency in AI-generated discoveries and economic impacts like shifts in research jobs and funding priorities.
The new fellowship builds on the momentum of the recent AI Action Summit, as global leaders work to ensure AI’s development benefits society and be rolled out across society in the public interest.
AI is already revolutionising research with DeepMind’s AlphaFold accelerating drug discovery, while AI-powered lab robotics are automating complex experiments and machine learning is transforming how scientists analyse vast datasets.
The programme will also examine how governments and businesses should respond, from ensuring AI-driven science remains rigorous and delivers reliable outcomes to supporting researchers to maximise their creative potential and spend less time on mundane tasks.
Funding will go towards researchers to apply their expertise in examining the technology’s broader effects on research. The £4 million UK programme will run alongside a US-based cohort funded by the Alfred P. Sloan Foundation, creating a transatlantic research effort to examine AI’s impact on science. Fellows from both countries will attend a fully funded summer school, strengthening international collaboration and knowledge exchange.
Applications are especially encouraged from projects exploring the impact of AI on research jobs and skills, how it affects the speed of scientific progress, and the challenges of ensuring AI-driven research remains reliable and explainable.
Science Minister, Lord Vallance said:
AI presents new opportunities in a range of sectors, and if researchers can demonstrate its potential to increase transparency, robustness and trust in science then this could pave the way to freeing them up from mundane paperwork tasks while driving growth.
Supporting researchers to explore how AI can change the way we conduct research and through our joint support with Open Philanthropy for 23 projects exploring wider research and innovation, we will build a better understanding of what works in research – maximising impact, driving discoveries and improving lives.
In addition to the Fellowship, Department for Science, Innovation and Technology (DSIT) and UK Research and Innovation (UKRI) have awarded £4.8 million in funding for 23 new research projects, which will tackle key questions about how to improve research and innovation, including AI’s impact on science, research integrity, and new models for funding and publishing research.
It follows a funding call launched last year and includes £1.8 million in co-funding from Open Philanthropy, a US-based foundation.
Among the winning projects:
List of the Metascience grant winners.
AI Peer: Large language models and academic peer review outcomes
Michael Thelwall, University of Sheffield.
Analysing the Reliability of Quantitative Impact Evaluations (ARGIE)
Jack Blumenau, University College London.
Assessing compliance with the FAIR Guiding Principles: a systematic evidence map of data availability in metabolomics research
Matt Spick, University of Surrey.
Big Science Beyond Science: The Innovation Impact of Research Infrastructure Procurement
Riccardo Crescenzi, LSE.
Commercialising Deep Tech: Understanding Frictions to University Invention Disclosure
Ramana Nanda, Imperial College London.
Cultural Traction: Embedding research culture strategy
S Martin Holbraad, University College London.
Evaluating the Development and Impact of AI-Assisted Integrity Assessment of Randomised Trials in Evidence Syntheses
Alison Avenell, University of Aberdeen.
Everything we (think we) know about Narrative CVs
Liz Simmonds, University of Cambridge.
Financial structures for enabling innovator participation and success: experimental evidence from challenge prizes
Vidal Kumar, Nesta.
Fostering a Dynamic Academic Ecosystem: Innovative Platforms and Methodologies for Econometrics
Martin Weidner, University of Oxford.
Making Replications Count: Identifying Barriers and Enhancing Impact with Innovative Dissemination Tools
Lukas Wallrich, Birkbeck, University of London.
Mapping impact pathways: improving our understanding of what mechanisms work in research translation
Alexandra Pollitt, King’s College London.
Metascience, research funding and policy priorities
Annette Boaz, King’s College London.
People or Projects (PoP)? Investigating different research funding styles
Ohid Yaqub, University of Sussex.
PRIME: Peer Review Improvement for Minimizing Bias in Evaluation
Katherine Button, University of Bath.
Providing empirical evidence to support greater equality, diversity, and inclusion (EDI) in research funding
Philip Clarke, University of Oxford.
Public value mapping for AI
Jack Stilgoe, University College London.
Research Software Engineer Metascience
Heather Packer, University of Southampton.
Sharing Code for Medical Research: An Audit Tool and Pilot at The BMJ
Nicholas DeVito, University of Oxford.
Supporting Research and Researchers through the deployment of Digital Notebooks: A framework for implementation and impact
Andrew Stewart, University of Manchester.
Transparent and Reproducible Science in the 21st Century: Unlocking the Benefits of Open Source Code
Albert Bravo-Biosca, Nesta.
Understanding Scientific Prizes – Structure, Evolution and Impact
Ching Jin, University of Warwick.
Working together or writing together?
Steven Wooding, University of Cambridge.
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Published 13 February 2025